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Henry Hub Eases Back from Highest Since Jan Yesterday

NATGAS

Henry Hub front month has pulled back from a high of $2.798/mmbtu yesterday driven by lower production levels year on year and recovering LNG feedgas supplies. Fundamentals are relatively unchanged on the day with high storage levels helping to limit upside pressures.

  • US domestic natural gas production was yesterday estimated unchanged at 99.9bcf/d according to Bloomberg and still below average output of 101bcf/d in May 2023.
  • US terminal feedgas flows are today estimated at 12.96bcf/d according to Bloomberg with flows to Sabine Pass and Cameron still below normal levels.
  • Domestic natural gas demand is today at 67.3bcf/d according to Bloomberg compared to the seasonal normal of just over 62bcf/d. The latest 6-14 day NOAA forecast continues to show above normal temperatures on the Gulf Coast and with western areas also turning warmer relative to the outlook yesterday.
  • Export flows to Mexico are healthy at 6.82bcf/d today according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was still strong at 623k on May 21.
    • US Natgas JUN 24 down 1.6% at 2.63$/mmbtu
    • US Natgas NOV 24 down 0.3% at 3.19$/mmbtu
    • US Natgas MAY 25 down 0.8% at 3.07$/mmbtu
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