Short
NatGas: Bearish Flag
Inside bars rule for nearly 2 weeks. Basically prices have been Ranging since mid-Oct.
Fundamentals -wise:
Demand
US Domestic: Both the American and European weather models dropped forecast in-country demand overnight by showing less cold over the northern part of the US during the last week of November. Demand is forecast to ease from very high to high.
Export: Demand from Europe is weak despite all the ballyhoo about gas shortage due to the Russian invasion. The ability to export is restricted, in addition, by the delay at Freeport.
Supply
The U.S. natural gas rig count rose two units to 157 for the week ended Friday (Nov. 18), while an uptick in the oil patch helped lift the combined domestic drilling total three units higher to 782, according to the latest tally from oilfield services provider Baker Hughes Co.
The Canadian rig count, meanwhile, rose one unit for the week to reach 201, versus 167 in the same period last year.
Overall trend is down, but this is Nattie. There might be huge spikes either way.
Fundamentals -wise:
Demand
US Domestic: Both the American and European weather models dropped forecast in-country demand overnight by showing less cold over the northern part of the US during the last week of November. Demand is forecast to ease from very high to high.
Export: Demand from Europe is weak despite all the ballyhoo about gas shortage due to the Russian invasion. The ability to export is restricted, in addition, by the delay at Freeport.
Supply
The U.S. natural gas rig count rose two units to 157 for the week ended Friday (Nov. 18), while an uptick in the oil patch helped lift the combined domestic drilling total three units higher to 782, according to the latest tally from oilfield services provider Baker Hughes Co.
The Canadian rig count, meanwhile, rose one unit for the week to reach 201, versus 167 in the same period last year.
Overall trend is down, but this is Nattie. There might be huge spikes either way.
Note
Have a small long trapped, so want bull come in first.Note
From Freeport's website:Newsroom
FREEPORT LNG PROVIDES UPDATE ON INITIAL RESTART OF ITS LIQUEFACTION FACILITY
FREEPORT LNG PROVIDES UPDATE ON INITIAL RESTART OF ITS LIQUEFACTION FACILITY .pdf
Nov 18th, 2022
FREEPORT LNG PROVIDES UPDATE ON INITIAL RESTART OF ITS LIQUEFACTION FACILITY
Houston, TX, November 18, 2022 – Freeport LNG Development, L.P. (Freeport LNG) today provided an update on the ongoing reconstruction and resumption of operations at its natural gas liquefaction and LNG export facility. As of November 14th, the reconstruction work necessary to commence initial operations, including utilization of all three liquefaction trains, two LNG storage tanks and one dock, was approximately 90% complete, with all reconstruction work anticipated to be completed by the end of November. Proposed remedial work activities for a safe restart of initial operations have been submitted to the relevant regulatory agencies for review and approval. Subject to Freeport LNG meeting its regulatory requirements, it is targeting initial production at the facility in mid-December.
Each of Freeport LNG’s three liquefaction trains will be restarted and ramped up safely, in a slow and deliberate manner, with each train starting separately before restarting a subsequent train. It is expected that approximately 2 BCF per day of production will be achieved in January 2023. Full production utilizing both docks remains anticipated to commence in March 2023.
“Our teams have worked diligently over the last several months alongside regulators to ensure the safe restart of our facility. I am immensely grateful for their efforts,” said Michael Smith, Founder, Chairman and CEO. “We are committed to moving forward with an uncompromising safety focus and enhanced operational processes that will enable us to chart a safe, sustainable path forward to serve our customers and the broader LNG market as a whole.”
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.