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Henry Hub Continues Pull Back Ahead of EIA Storage Data

NATGAS

US Henry Hub front month is softer again today ahead of the updated US storage data, after pulling back as an approaching start up for the Mountain Valley pipeline spark hopes of more gas flowing from the Appalachia shale basin.

  • The EIA weekly gas inventories for the week ending Jun 7 will be released this afternoon at 10:30 ET (15:30BST). The expectation is for a build of 73bcf according to a Bloomberg survey following a build of 98bcf the previous week. The seasonal normal is a build of around 99bcf.
  • US domestic natural gas production was yesterday at 99.5bcf/d according to Bloomberg compared to an average of 99.7bcf/d so far in June.
  • Domestic natural gas demand is today estimated at 69.4bcf/d according to Bloomberg. The NOAA forecast is again relatively unchanged on the day with above normal temperatures expected across most of the US throughout the 6-14 day period.
  • US terminal feedgas flows are today at 12.93bcf/d according to Bloomberg with Sabine Pass flows still holding below normal around 4.1bcf/d.
  • Export flows to Mexico remain strong at 6.9bcf/d today according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was at 639k on June 12.
    • US Natgas JUL 24 down 1.4% at 3$/mmbtu
    • US Natgas DEC 24 down 0.6% at 3.88$/mmbtu
    • US Natgas JUN 25 unchanged at 3.44$/mmbtu
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