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Henry Hub Eases Back from Highest Since January

NATGAS

US Henry Hub has eased back from a high of $3.159/mmbtu yesterday after a rally so far this month on the back of a warm weather forecast and low domestic production and despite high gas storage levels.

  • The Mountain Valley Pipeline from northern West Virgina to southern Virgina received FERC approval on Tuesday despite environmental objections. Backers for the project argue the benefit of a boost to domestic energy production and lower fuel costs.
  • US domestic natural gas production dipped further to 99.1bcf/d yesterday according to Bloomberg driven by a drop in Appalachia and Haynesville flows. Output averaged 100.7bcf/d in the first half of June 2023.
  • Domestic natural gas demand is holding above normal at 67.8bcf/d according to Bloomberg. The NOAA 6-14 day forecast is again relatively unchanged on the day with temperatures rising above normal throughout most of the US except for the far north west.
  • US terminal feedgas flows are today up to 13.18bcf/d according to Bloomberg with supplies to Sabine Pass 0.2bcf/d higher on the day.
  • Export flows to Mexico remain strong at 7.04bcf/d today according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was at 641k on June 11.
    • US Natgas JUL 24 down 1.8% at 3.07$/mmbtu
    • US Natgas DEC 24 down 0.5% at 3.91$/mmbtu
    • US Natgas JUN 25 down 0.6% at 3.44$/mmbtu
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