Henry Hub Drifts Lower, Bouncing Within $0.15/mmbtu Range This Week

Henry Hub is slightly softer today after a storage build as expected in EIA data yesterday as front month bounces between 1.65$/mmbtu and 1.8$/mmbtu this week.

• US Natgas MAY 24 down 0.3% at 1.75$/mmbtu
• US Natgas OCT 24 up 0.2% at 2.53$/mmbtu
• US Natgas APR 25 up 0.3% at 3.04$/mmbtu
• The EIA weekly gas inventories for the week ending Apr. 12 showed an injection of 50bcf compared to the seasonal normal injection of 51bcf. US storage inventories continue to hold a strong surplus with total stocks at 2,333bcf compared to the previous five year average of 1,711bcf.
• Feedgas flow to US LNG export terminals are currently estimated at 10.92bcf/d according to Bloomberg with an increase of about 0.4bcf/d in flows to Cameron LNG on the day. Sabine Pass and Corpus Christi flows are still below normal while Freeport is showing very limited supplies.
• US domestic natural gas production was up slightly on the day to 98.7bcf/d yesterday according to Bloomberg compared an average of 99.1bcf/d in the previous week.
• Natural gas demand increased slightly again to 70.6bcf/d today according to Bloomberg estimates. The NOAA outlook for the west coast has turned cooler than the previous forecast with slightly below normal temperatures now expected throughout the 6-14 day period. Central areas are forecast to remain warm throughout, but cooler weather is also expected in the New England region.
• Export flows to Mexico are today at 6.53bcf/d according to Bloomberg.
• Nymex Henry Hub daily aggregate traded futures volume was at 446k on April 18.