NATGAS: Henry Hub Rising
Nov-21 17:52
Henry Hub continues to maintain most of its earlier gains, driven by increased domestic and overseas demand, higher LNG feedgas flows, and a small-but-unexpected weekly withdrawal from US natural gas storage.
- US Natgas DEC 24 up 4.4% at 3.33$/mmbtu
- US Natgas MAY 25 up 1.4% at 3.04$/mmbtu
- The EIA weekly gas inventories for the week ending Nov. 15 showed a withdrawal of 3bcf compared to the expectation for an injection of 2bcf according to a Bloomberg survey and 6bcf build in a Reuters survey. The previous five-year average suggested a switch to withdrawals of around 16bcf.
- Total stocks are at 3,969bcf compared to the previous five-year average of 3,730bcf and 141bcf above levels seen a year ago.
- Lower 48 natural gas demand has surged above normal to the highest since March at 89.5bcf/d today, according to Bloomberg. Forecasts show cold weather in the west spreading and taking temperatures across the lower 48 below normal towards the end of the month.
- US LNG export terminal feedgas supply is near the highest since January at 13.42bcf/d today, BNEF shows.
- US domestic natural gas production is estimated at 102.4bcf/d yesterday, according to Bloomberg, in line with levels from the last week but below volumes of over 105bcf/d this time last year.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
LOOK AHEAD: Wednesday Data Calendar: Exist Home Sales, Fed Speak, 20Y R/O Sale
Oct-22 17:51
- US Data/Speaker Calendar (prior, estimate)
- Oct-23 0700 MBA Mortgage Applications (-17.0%, --)
- Oct-23 0900 Philly Fed Bowman opening remarks
- Oct-23 1000 Existing Home Sales (3.86M, 3.89M)
- Oct-23 1000 Existing Home Sales MoM (-2.5%, 0.7%)
- Oct-23 1130 US Tsy $64B 17W bill auction
- Oct-23 1200 Richmond Fed Barkin community college conf
- Oct-23 1300 US Tsy $13B 20Y Bond auction re-open
- Oct-23 1400 Federal Reserve Beige Book
ECB: Villeroy Comments on Flexibility on Rates to Not Fall Behind Curve
Oct-22 17:50
- The European Central Bank must be agile with further interest-rate cuts to avoid the risk of acting too slowly, according to Governing Council member Francois Villeroy de Galhau.
- Mjaor headlines from ECB’s Villeroy in his speech in NY include:
- “There is a risk that inflation undershoots 2% target, especially if growth weak”
- “Inflation could be at target in early 2025”
- “There is significant downside risk to inflation and growth”
- “ECB not behind the curve but risk of cutting rates too late bigger than cutting early”
- “No reason for rates to stay restrictive in 2025” (Reuters)
- “Too early to say where ECB terminal rate may be”
- “QE tool to affect stance, transmission, not liquidity” (BBG)
US TSY FUTURES: BLOCK: Dec'24 2Y Buy
Oct-22 17:44
+5,000 TUZ4 103-08, post time offer at 1334:56ET, DV01 $194,000. The 2Y contract trades 103-08.38 last (-.62), helping curves bounce off flatter levels: 2s10s +.562 at 16.739 last vs. 14.197 low.
Related bullets
Related by topic
Energy Data
US Natgas
TTF ICE
Asia LNG
Gas Positioning
