US NATGAS: California Natgas Fundamentals - Jan 26
Jan-26 13:44
While California escaped the weather impact of Winter Storm Fern, it did see reductions in Permian inflows as production was shut in and Gulf Coast pricing was able to outbid West Coast demand. Permian inflows are only at 0.7 Bcf/d this morning, down 1.9 Bcf/d from normal levels. Permian inflows are likely to remain depressed until production can return to normal over the next week.
- LA cumulative HDDs count for the next 5 days is 42.65, down 6.37 days from the 10-year normal, while the count for the next 14 days is 105.97, down 37.45 days from the 10-year normal.
- San Francisco cumulative HDDs count for the next 5 days is 59.38, down 17.94 days from the 10-year normal, while the count for the next 14 days is 8.6, down 2.51 days from the 10-year normal.
- California demand is 7.3 Bcf/d today, up 0.43 Bcf/d from yesterday and up 2.16 Bcf/d from last week.
- Permian/San Juan inflows are 0.7 Bcf/d today, down 0.06 Bcf/d from yesterday and down 1.76 Bcf/d from last week.
- Rockies inflows are 1.1 Bcf/d today, up 0.08 Bcf/d from yesterday and down 0.16 Bcf/d from last week.
- Inflows from the PNW are 1.7 Bcf/d today, down 0.04 Bcf/d from yesterday and down 0.17 Bcf/d from last week.
- Mexican exports reached 0 Bcf/d today, down 0.03 Bcf/d from yesterday and up 0.37 Bcf/d from last week.
- All fundamentals data is BNEF. Current figures as of publishing.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US TSYS: Curves Twist Steeper, Quiet Return from Christmas Holiday
Dec-26 2025 20:17
- Treasuries look to finish mixed Friday, curves twisting steeper with 2s-10s holding modestly higher vs. weaker Bonds after the bell.
- Currently, the TYH6 contract trades +2.5 at 112-19 vs. 112-23 early session high, on light post Christmas holiday volume of just over 650,000. 10Y yld near steady at 4.1336%. Key short-term resistance into 112-31, the Dec 18 high.
- Projected rate cut pricing gained vs. late Wednesday levels (*): Jan'26 at -5bp (-3.3bp), Mar'26 at -15.2bp (-12.3bp), Apr'26 at -21bp (-18.1bp), Jun'26 at -35.2bp (-31.1bp).
- US$ index near midrange after bouncing off midmorning lows, Bbg index BBDXY +0.21 at 1200.86
- Mining shares continued to buoy the Materials sector after Gold climbing to new record highs early Friday (4,549.92), trading desks citing an uptick in geopolitical tensions after Pres Trump launched attacks on Isis elements in Nigeria.
- Look Ahead: Monday data sees Pending Home Sales MoM (1000ET), Dallas Fed Mfg Activity (1030). COMC minutes for the December meeting to be released at 1400ET Tuesday.
US STOCKS: Late Equities Roundup: Miners Outperform as Gold Hits Record High
Dec-26 2025 19:58
- Stocks hold near steady (SPX Eminis & Nasdaq) to weaker for the DJIA late Friday. Currently, the DJIA trades down 81.36 points (-0.17%) at 48652.31, S&P E-Mini Futures down 4.5 points (-0.06%) at 6978.5, Nasdaq up 16.4 points (0.1%) at 23629.91.
- Materials, Information Technology and Health Care sector shares led advances in late trade. Miners continued to buoy the Materials sector after Gold climbing to new record highs early Friday (4,549.92), trading desks citing an uptick in geopolitical tensions after Pres Trump launched attacks on Isis elements in Nigeria.
- Freeport-McMoRan +1.77%, Smurfit WestRock +1.14%, Newmont +0.78% and LyondellBasell Industries +0.72%.
- NVIDIA +1.88%, Crowdstrike Holdings +0.97%, Lam Research +0.94% and Dell Technologies +0.85%.
- Elevance Health +1.21%, Viatris +0.78%, UnitedHealth Group +0.71% and Baxter International +0.65%.
- Conversely, Energy sector and Utilities/Industrials shares led declines in the second half:
- Devon Energy -2.04%, APA Corp -1.64%, Diamondback Energy -1.23% and Occidental Petroleum -1.20%.
- Edison International -1.31%, Constellation Energy -1.29%, American Water Works -0.69% and Alliant Energy -0.61%.
- Huntington Ingalls Industries -1.18%, General Dynamics -1.08%, Axon Enterprise -1.07% and Northrop Grumman -1.06%.
US TSY OPTIONS: Apr'26 10Y Vol Sale
Dec-26 2025 19:26
- -4,500 TYJ6 112/113 strangles, 134
