Henry Hub Climbs to New Intraday High

Front month Henry Hub is climbing further during US hours to reach its highest level since April 4. Support comes from above-normal demand, which counters ongoing curtailments in US feedgas flows to LNG terminals.

• US Natgas MAY 24 up 3.5% at 1.85$/mmbtu
• US Natgas OCT 24 up 2.1% at 2.57$/mmbtu
• The US averaged three heating degree days above normal for the week to April 6, according to Bloomberg. Looking at cooling demand, the US was two cooling degree days above the normal in the week to April 6.
• The latest US weather forecast in the 6-14 days period showed above normal temperatures for most of the US with near normal temperatures in northwestern US.
• US lower 48 natural gas demand was above normal today at 71.465bcf/d, compared with the five-year average of 67.958bcf/d at this time of the year.
• US domestic natural gas production was yesterday relatively stable at 100.085bcf/d, in line with the average in the first six days of April.
• Feedgas flow to US LNG export terminals are today estimated at 12.588bcf/d, compared with the average of 12.517bcf/d in the first seven days of April.