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Henry Hub Continues to Fall

NATGAS

Henry Hub front month continues to lose ground today, driven by healthy natural gas storage levels and strong US production. This is despite indications of warmer weather across the US in the coming days. Henry Hub is down around 13% on the week.

  • US Natgas AUG 24 down 3.3% at 2.34$/mmbtu
  • US Natgas JAN 25 down 1.4% at 3.67$/mmbtu
  • US domestic natural gas production is almost unchanged from yesterday estimated at 102.2bcf/d, according to Bloomberg. Output has so far this month averaged 102.3bcf/d compared to 100.7bcf/d in June and 100.2bcf/d in May.
  • US LNG export terminal feedgas flows are today estimated at 12.97bcf/d, a recovery from near 12bcf/d earlier this week, but supplies to both Sabine Pass and Calcasieu Pass are still slightly below highs from earlier this year.
  • Domestic natural gas demand is today up at 77.0bcf/d according to Bloomberg compared to the previous five year average of around 70bcf/d at this time of year.
  • Dangerously hot conditions will dominate the remainder of the July 4th weekend across the US West Coast, Southeast, and Middle Atlantic seaboard, according to Reuters.
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