May 23, 2024 16:45 GMT
Henry Hub at New Intraday Low
NATGAS
Henry Hub completely reversed its earlier rally, hitting new intraday lows. This is despite a smaller than expected US storage injection. A fall in LNG feedgas is likely putting pressure on the front month.
- EIA data for the week to May 17 showed an injection of 78bcf compared to expectations of +85bcf the seasonal normal of +90bcf.
- US storage inventories continue to hold a strong surplus with total stocks at 2,711bcf. The five-year average is 2,105bcf.
- US Natgas JUN 24 down 3.1% at 2.75$/mmbtu
- US Natgas NOV 24 down 0.1% at 3.36$/mmbtu
- US domestic natural gas production was yesterday estimated up slightly to 100.1bcf/d according to Bloomberg.
- US terminal feedgas flows are today estimated at 12.93bcf/d according to Bloomberg with flows to Sabine Pass, Cameron, and Calcasieu Pass below normal.
- Domestic natural gas demand is today at 65.8bcf/d according to Bloomberg. The seasonal normal is around 62bcf/d.
147 words