US NATGAS: Northeast Gas Prices Trending Down

Feb-13 18:01

In the US Northeast, regional hubs are largely pricing down on the day, with higher flows to the region and lower demand narrowing the supply-demand balance.

  • Day-on-day price changes according to NGI data:
  • Transco zone 6 NY, down 15 cents/MMBtu
  • Transco non-NY down 5.5 cents/MMBtu,
  • Tetco M3 down 15.5 cents/MMBtu.
  • Eastern Gas (Dominion) South is up 29.5 cents/MMBtu, around its highest level since Jan. 22
  • Northeast demand is currently at 42.45bcf/d, down by around 0.55bcf/d. Demand is 5.88bcf/d above the 30-day average.
  • Production in the region is around 35.69bcf/d, down around 0.31bcf/d on the day.
  • Production from the Appalachia shale play is 35.17bcf/d, down around 0.33bcf/d on the day. This compares to a 30-day average of 35.07bcf/d.
  • Imports from Canada are up to around 389 mcf/d today. This compares to 360 mcf/d yesterday.
  • Feedgas exports to Cove Point LNG are currently at 932 mcf/d , up around 19 mcf/d today.
  • This puts the daily supply vs demand deficit at around 5.88 bcf/d, narrowing by 1.49 bcf/d on the day.
  • This region includes New York, Ohio, Pennsylvania, Virginia, West Virginia, and Maryland. Non-pricing data is from Bloomberg.

Historical bullets

PIPELINE: Corporate Issuance Update: $3.5B British Colombia 3Y SOFR Priced

Jan-14 17:58
  • Date $MM Issuer (Priced *, Launch #)
  • 01/14 $3.5B *British Colombia 3Y SOFR+45
  • 01/14 $3B *KFW +5Y +40
  • 01/14 $2.5B #BNG Bank 5Y SOFR+47
  • 01/14 $2.5B *CADES 5Y SOFR+68, upsized from $2B
  • 01/14 $2B *CAF 5Y SOFR+82
  • 01/14 $2B *IFC 3Y SOFR+29
  • 01/14 $500M #Hyundai 3Y +80
  • 01/14 $Benchmark Blackstone Private Cr Fund 7Y +190a
  • 01/14 $Benchmark Adobe 3Y +30, 5Y +40, 10Y +55
  • 01/14 $Benchmark BFCM 5Y +95, 5Y SOFR+123
  • 01/14 $Benchmark LifePoint Health 7NC3

OPTIONS: Large Sonia Call Spread Buying Tuesday

Jan-14 17:52

Tuesday's Europe rates/bond options flow included:

  • RXG5 125.5p, bought for 1 in 2.2k
  • RXH5 135/136cs bought for 4.5 in 7.5k
  • ERM5 97.625/97.75/97.875c fly vs 97.4375/97.3125ps, bought the fly for 0.25 and half in 9k.
  • SFIM5 95.75/96.00cs, bought for 6.75 in 24k.
  • SFIM5 95.70/96.00cs, bought for 8.75 and 9 in 20.5k
  • SFIZ5 96.35/97.00cs x3 vs 95.60p x1, bought the cs for -2 in 10k total.
  • SFIZ5 95.90/96.05 call spread, bought for 6 in 15k
  • 0NM5 96.00/96.20/96.30/96.40c condor, bought for 4.25 in 10k.

LOOK AHEAD: Wednesday Data Calendar: CPI, Fed Speak, Beige Book

Jan-14 17:50
  • US Data/Speaker Calendar (prior, estimate)
  • 15-Jan 0700 MBA Mortgage Applications (-3.7%, --)
  • 15-Jan 0830 CPI MoM (0.3%, 0.4%), YoY (2.7%, 2.9%)
  • 15-Jan 0830 CPI Ex Food & Energy MoM (0.3%, 0.3%), YoY (3.3%, 3.3%)
  • 15-Jan 0830 CPI Index NSA (315.493, 315.615)
  • 15-Jan 0830 CPI Core Index SA (322.657, 323.400)
  • 15-Jan 0920 Richmond Fed Barkin, Maryland event (text, Q&A)
  • 15-Jan 1000 MN Fed Kashkari fireside chat, (no text, Q&A)
  • 15-Jan 1100 NY Fed Williams keynote address CBIA eco-summit (text, Q&A)
  • Jan-15 1200 Chicago Fed Goolsbee Midwest economics forum (no text, Q&A)
  • 15-Jan 1400 Fed Beige Book