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Henry Hub Edges Higher After Pull Back on Easing European Prices

NATGAS

US Henry Hub is edging higher again today after a pulled back yesterday following the drop in Europe gas prices with the expected return of Norwegian pipeline supplies to Europe later this week.

  • US domestic natural gas production was yesterday down to 99.0bcf/d according to Bloomberg, compared to an average of 100.4bcf/d over the previous week. Production was around 101bcf/d this time last year.
  • US terminal feedgas flows have dipped to 12.7bcf/d today according to Bloomberg with a further drop in supply to the Sabine Pass export terminal down to about 1.2bcf/d below highs from earlier this year.
  • Domestic natural gas demand is today relatively unchanged on the day at the top end of the previous five year range up at 68.5bcf/d according to Bloomberg. The latest NOAA forecast has edged slightly warmer compared to yesterday but still shows above normal temperatures in western areas and on the Gulf Coast but below normal in the Midwest and Central Atlantic.
  • Export flows to Mexico are at 6.65bcf/d today according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was at 545k on June 4.
    • US Natgas JUL 24 up 2% at 2.64$/mmbtu
    • US Natgas DEC 24 up 0.3% at 3.55$/mmbtu
    • US Natgas JUN 25 up 0% at 3.21$/mmbtu
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