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End of Day Natgas Summary: US Natgas Holds Onto Gains

NATURAL GAS

US Henry Hub is holding onto gains after latest gas storage inventory data showed an unexpected draw.

    • US Natgas DEC 23 up 2% at 2.9$/mmbtu
    • US Natgas MAY 24 up 0.2% at 2.79$/mmbtu
  • The EIA weekly gas inventories for the week ending 17 November showed a draw of -7bcf compared to Bloomberg survey expectations of a build +2.2bcf. The draw is still below the five-year average for this time this year of a draw of -53bcf.
  • The total US inventories remain above normal at the historical end of injection season at 3.825bcf as of 17 November above the five-year average of 3,577bcf.
  • US Henry Hub is holding steady today after the trend lower in the last week ahead of the updated EIA US storage inventories with stocks expected to remain well above normal.
  • The US gas rig count was up by three at 117 according to Baker Hughes.
  • Domestic natural gas demand is today back up to the five year average levels at 83.6bcf/d for the first time since Nov 11. The weather forecast is relatively unchanged from yesterday with temperatures falling below normal across most of the US this week. The NOAA 6-14 day forecast is showing below normal in central and eastern areas but just above normal on the West Coast.
  • Domestic natural gas production dipped yesterday back to around 104.9bcf/d after the near record highs of 105.8bcf/d at the start of this week.
  • Feedgas flows to US LNG export terminals are today holding steady at 14.6bcf/d according to Bloomberg compared to an average of 14.2bcf/ so far in November.
  • Freeport LNG has received regulatory approval to resume operations at its second berth at the Texas plant, according to a filing on Wednesday with the FERC.
Energy BulletsCommodities
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