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Drop in US Production and LNG Feedgas Recovery Supports Henry Hub

NATGAS

Henry Hub front month continues to tick higher with support from a drop in US production while LNG export flows recover slightly today after a drop yesterday.

    • US Natgas MAY 24 up 1.4% at 1.89$/mmbtu
    • US Natgas OCT 24 up 0.3% at 2.63$/mmbtu
    • US Natgas APR 25 up 0.2% at 3.04$/mmbtu
  • US domestic natural gas production was lower again yesterday at 99.2bcf/d having fallen from just over 101bcf/d on March 31.
  • Feedgas flow to US LNG export terminals are today estimated up to 12.73bcf/d after falling to a recent low of 11.36bcf/d yesterday according to Bloomberg. The increase is driven by a recovery in both Sabine Pass and Corpus Christi flows.
  • Lower 48 natural gas demand is still above normal with today estimated at 80.9bcf/d according to Bloomberg. The US forecast shows as generally warming trend which will help to limit heating demand. The East is expected to see above normal temperatures although slightly cooler than the previous forecast while the west is turning warmer after near term below normal temperatures.
  • Export flows to Mexico continue to recover up to 5.9bcf/d today after falling below 5bcf/d late last week according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was up slightly to 452k on Apr. 2.
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