North American natural gas futures slumped below $2.500/MMBtu this week amid ample supplies and weak domestic demand. Mexico demand for attractively priced U.S. gas, though, hasn’t abated. 

For the past 10 days through Thursday, average pipeline imports of U.S. natural gas into Mexico averaged 6.59 Bcf/d. This was an increase of  0.80 Bcf/d over the previous 10-day period.  So far, no day in December has slipped below 6 Bcf/d, according to NGI calculations.

“Overall, the first 14 days of December 2023 are trending higher in cross-border demand than the first 14 days of November 2023, and for all of November,” said NGI analyst Josiah Clinedinst.

Wood Mackenzie analyst Ricardo Falcón noted that while gas imports in Mexico fell in September through November, this was not...