4:26 PM · 29 January 2024

NATGAS near key support area

US natural gas futures (NATGAS) are plunging around 4% today, driven by new data on US production and demand. NATGAS also continues to be pressured by above-average temperatures in the central and eastern part of the mainland United States.

Daily natural gas data from BNEF:

  • Natural gas production in mainland United States: ~104.6 bcf per day (+4.7% YoY)
  • Total natural gas demand in mainland United States: ~93.8 bcf per day (-3.7% YoY)
  • Natural gas exports to Mexico: ~6.0 bcf per day (-4.7% YoY)
  • Implied flows to LNG export terminals: ~14.3 bcf per day (+11.3% YoY)

Long-term weather forecasts from National Weather Service continue to point to above-average temperatures in central and eastern parts of US mainland in the coming days. On the other hand, temperatures in the western part of US mainland may drop below historical averages in the near-future.

Source: Bloomberg Finance LP

NATGAS trades near key $2.00 per MMBTu support zone. Source: xStation5

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