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US Natgas Sinks on Ceasefire Headline

NATURAL GAS

Henry Hub front month has collapsed following headlines indicating Israel and Hamas have agreed to a ceasefire, following the trend across the energy complex. Prior to the headline, Henry hub had lost some ground earlier on below average storage withdrawals.

  • US Natgas MAR 24 down -2.8% at 2.04$/mmbtu
  • US Natgas AUG 24 down -1.5% at 2.56$/mmbtu
  • The Al Jazeera headline said: “Qatari Foreign Ministry: Israel agreed to the ceasefire proposal and we have initial positive confirmation from Hamas
  • The EIA weekly gas inventories for the week ending Jan 26 showed a draw of -196bcf compared to the expectation for a draw of -208bcf according to a Bloomberg survey and the seasonal normal draw of -184bcf.
  • The US inventories surplus has reduced in recent weeks, but total stocks remain above normal at 2,659bcf compared to the previous five-year average of 2,546cf.
Energy BulletsCommodities
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