January 25, 2023 13:07 GMT
US Resumes Decline with Uncertainty Over Freeport
US Natgas has resumed the downward trend with mixed weather forecasts, high production, and uncertainty over the timing of the return of Freeport despite positive signs this week.
- US Natgas FEB 23 down -5.4% at 3.08$/mmbtu
- Freeport LNG have asked the US regulators for permission to take steps to restart the facility although further approvals will be required for the export terminal to resume gas liquefaction and ship loading. Operations are still not expected to resume until late February or even March. Deliveries to US LNG export terminals are today up to 12.79bcf/d due to higher flows to Sabine Pass.
- NOAA weather forecasts remain largely unchanged from yesterday with cold weather expected in eastern, northern and central areas but above normal in the Gulf Coast region and west coast. Domestic demand is today near normal at 96.3bcf/d.
- US production remains high but has dipped slightly down to an estimated 100.3bcf/d today.
- Exports to Mexico are slightly higher at 6.6bcf/d after dipping lower over last weekend.