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US Natgas Steadies Amid Declining Trend Since Early Nov

NATGAS

Henry Hub front month is holding steady today after a recovery late yesterday amid a declining trend in place since the start of November. Near record production and high storage are combining with a warm weather forecast to keep downward pressure on prices ahead of the update US CPI data today.

    • US Natgas JAN 24 up 0.1% at 2.43$/mmbtu
    • US Natgas JUN 24 down -0.6% at 2.42$/mmbtu
    • US Natgas DEC 24 down -0.9% at 3.37$/mmbtu
  • Lower 48 natural gas demand is today estimated just above normal at 97.2bcf/d according to Bloomberg. Temperatures just above normal this week are forecast to rise further into the weekend and remain above throughout the coming two week forecast. The NOAA forecast does suggest temperatures holding closer to normal on the US Gulf Coast.
  • Domestic natural gas production was yesterday at 106.2bcf/d according to Bloomberg and still near record levels and compared to output of just over 100bcf/d this time last year.
  • Demand from US LNG export terminals dropped yesterday to 14.0bcf/d according to Bloomberg due to a dip in feedgas to Corpus Christi LNG.
  • Export flows to Mexico are today at 5.97bcf/d according to Bloomberg.

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