Henry Hub Eases Lower Ahead of EIA Storage Data

Henry Hub front month eases back from a high of 1.906$/mmbtu yesterday ahead of the updated EIA weekly storage inventory data.

• US Natgas APR 24 down -1.4% at 1.86$/mmbtu
• US Natgas SEP 24 down -1.1% at 2.57$/mmbtu
• US Natgas MAR 25 down -0.6% at 3.23$/mmbtu
• The EIA weekly gas inventories for the week ending Feb 23 will be released this afternoon at 15:30GMT. The expectation is for a draw of -87bcf according to a Bloomberg survey after a draw of -60bcf last week. The seasonal normal is a draw of -173bcf.
• Lower 48 natural gas demand is estimated higher again today up to 92.7bcf/d and back above the previous five year average for the time of year. Overall lower 48 temperatures are expected to increase above normal in the coming days before dipping back closer to normal in the second week of the outlook. The latest NOAA forecast still shows above normal temperatures in the eastern US and below normal in the west throughout the 6-14 day period.

• Feedgas flows to US LNG export terminals are stable at 13.9bcf/d according to Bloomberg with supplies still curtailed by the ongoing Freeport train 3 outage which was this week extended for a further two weeks.
• US gas production was yesterday at 102.6bcf/d according to Bloomberg compared to an average over the previous week of 102.5bcf/d.
• Export flow to Mexico is today at 6.48bcf/d according to Bloomberg.