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Henry Hub Eases Off High with High Storage Set Against Low Production

NATGAS

Henry Hub front month has eased back slightly after reaching a fresh high of $2.798/mmbtu earlier today as high storage levels are set against lower production levels year on year and recovering LNG feedgas supplies.

    • US Natgas JUN 24 down 1.2% at 2.72$/mmbtu
    • US Natgas NOV 24 down 0.6% at 3.2$/mmbtu
    • US Natgas MAY 25 down 0.8% at 3.11$/mmbtu
  • US domestic natural gas production was yesterday estimated at 99.9bcf/d according to Bloomberg, in line with the average so far in May but below average output of 101bcf/d in May 2023.
  • US terminal feedgas flows have today recovered to 13.07bcf/d according to Bloomberg with Corpus Christi back to near normal levels after a dip yesterday. Flows to Sabine Pass and Cameron are still curtailed.
  • Domestic natural gas demand is today at 68.2bcf/d according to Bloomberg compared to the seasonal normal of just over 62bcf/d. The latest 6-14 day NOAA forecast has turned slightly warmer with above normal temperatures expected on the Gulf Coast and near normal or just above normal expected elsewhere.
  • Export flows to Mexico are at 6.68bcf/d today according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume remained high up at 682k on May 20.
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