US NATGAS: Cali Daily Natgas Fundamentals
Jul-18 18:09
Total state-wide demand in California is 5 bcf/d, down by around 0.39 bcf/d. Demand is 0.05 bcf/d, or 1% below the 30-day average.
- End user demand is down 280 mcf/d to 4.14 bcf/d. This compares to the 30-day average of 4.2 bcf/d.
- Cali state-wide CDDs for the next 14 days are 15 below normal. LA's CDDs for the next 14 days are 10 below normal. San Francisco's CDDs for the next 14 days are 6 below normal.
- Net natural gas inflows to California via pipeline stood at 4.85 bcf/d, up by around 46 mmcf/d on the day.
- Total pipeline receipts into SoCal are up today by 30 mmcf/d. Receipts from pipelines into SoCal from the Desert Southwest are up by 209 mmcf/d today , while receipts via Kern River (Rockies) are down by 180 mmcf/d.
- Net receipts into Malin are down by 11 mmcf/d today.
- Exports to Mexico are 13.5% lower today at 0.56 bcf/d. This compares to the 30-day average of 0.54 bcf/d.
- All demand, supply, and pipeline flows data are from Bloomberg at the time of publishing and is subject to updates throughout the day.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
FED: Economic Projections: Surprising Lack Of "Transitory"
Jun-18 18:05
The 2025 macroeconomic projection revisions were very close to expectations. GDP was revised down 3pp to 1.4% for 2025, with unemployment up 0.1pp to 4.4% and core PCE up 0.3pp to 3.1%.
- Less expected though not a huge surprise is the weaker GDP forecast for 2026, down 0.2pp to 1.6%, with 0.1pp higher unemployment to 4.5%.
- And Core PCE is also not seen returning to target through the 2027 horizon, which was also unexpected, potentially suggestive that the FOMC sees the current government policy mix's impact on inflation as not-quite-"transitory".
- See main variables below.
FED: FOMC Statement Comparison
Jun-18 18:03
FOMC statement comparison: https://media.marketnews.com/FOMC_Statement_Comparison_June_vs_May_ea52e6595b.pdf
US TSYS: Post-FOMC React
Jun-18 18:03
- Brief two-way trade after Fed holds rate steady, Treasury futures extending highs now
- Tsy Sep'25 10Y futures currently +13 at 111-08 vs. -05 high (10Y yld at 4.3416%), key resistance and its recent high of 111-14+, a Fibonacci retracement and the Jun 5 high. Clearance of this hurdle would be bullish and highlight a stronger reversal. This would open 111-30, a Fibonacci retracement.
- Curves steeper/off lows, 2s10s +1.103 at 44.386, 5s30s +2.004 at 91.816.
- Cross asset: Stocks firmer (SPX eminis +16 at 6054.5), Gold mildly near steady at 3388.05, Bbg US$ index dips lower at 1207.35 -1.72.
