MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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US Natgas Steady Amid Strong Production and Above Normal Demand

NATGAS

US Henry Hub remains relatively steady today with high domestic production and healthy storage levels weighed against higher demand with a cooler weather forecast spreading south towards the end of the week.

    • US Natgas NOV 23 down -0.1% at 2.9$/mmbtu
    • US Natgas APR 24 down -1.3% at 3$/mmbtu
    • US Natgas OCT 24 down -1.3% at 3.37$/mmbtu
  • US domestic natural gas production is today estimated at 103.6bcf/d after a new high of 104.04bcf/d yesterday according to Bloomberg and compared to around 100bcf/d this time last year. The Baker Hughes rig count on Friday showed US gas rigs holding steady this month at 118.
  • Natural gas deliveries to US LNG export facilities are today back at 14.06bcf/d according to Bloomberg after seeing a brief decline to 13.2bcf/d due to a 0.7bcf/d drop in Freeport LNG terminal supplies on 21 Oct.
  • Lower 48 dry gas demand has risen since mid last week and is today just above the five year average for the time of year at 72.8bcf/d today according to Bloomberg. The latest NOAA forecast shows warm weather remaining on the East Coast and Gulf Coast but below normal temperatures across much of the rest of the country, especially in the north. The cooler weather is expected to spread and bring the East Coast back near to or even briefly below normal in the 8-14 day period.
  • Export flows to Mexico are today estimated at 6.3bcf/d.
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