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US Turns Negative with Stock Build Expected

NATGAS

US Natgas falls back negative on the day ahead of another expected strong weekly build in US natural gas inventories from EIA.

    • US Natgas NOV 22 down -0.4% at 6.41$/mmbtu
  • The expectation is for another strong build of +126bcf with production still high, demand only just above normal and with ongoing restrictions to LNG exports. Last week saw a build of +129bcf and the 5-year average for this time of year is +94bcf.
  • Total inventories were last week at 3,106bcf and 6.5% below the five-year average level compared to as much as 12% below in mid August.
  • Front month has gradually fallen from a peak of over 7.1$/mmbtu on Oct 6 and down from 6.56$/mmbtu earlier today.

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