Henry Hub Climbing to New Intraday Highs

Henry Hub is recovering today and is hovering at new intraday highs, reversing some of yesterday’s steep losses.

• US Natgas MAY 24 up 2.3% at 1.81$/mmbtu
• US Natgas OCT 24 up 1% at 2.54$/mmbtu
• However, front month has not recouped all of yesterday’s fall as US storage remains high following a smaller than expected draw in inventories last week of 37 bcf.
• US natural gas inventories are forecast to end the summer at 4,147Bcf, well above the five-year maximum, according to BNEF.
• US domestic natural gas production was yesterday holding relatively steady at 99.9bcf/d compared to an average of 99.8bcf/d in the first few days of April and 100.8bcf/ in March.
• Feedgas flow to US LNG export terminals are today estimated down slightly on the day to 12.68bcf/d driven by a dip in flows to Sabine Pass.
• Lower 48 natural gas demand remains above normal at 83.6bcf/d today according to Bloomberg.
• The latest weather forecast is unchanged with lower 48 temperatures rising in the coming days with above normal expected for most of the US in the 6–14-day period.