Henry Hub Edges Higher Ahead of Weekly Storage Data

Henry Hub front month edges higher again today with support from a mixed weather forecast across the US in the coming two weeks and ahead of the updated EIA storage data.

• US Natgas MAR 24 up 1% at 2.12$/mmbtu
• US Natgas AUG 24 up 0.4% at 2.61$/mmbtu
• US Natgas FEB 25 up 0% at 3.63$/mmbtu
• The latest EIA weekly gas inventories for the week ending 26 Jan will be released this afternoon at 15:30GMT. The expectation is for a draw of -208bcf according to a Bloomberg survey after the large draw of -326bcf last week. The seasonal normal is a draw of -184bcf.
• Lower 48 natural gas demand is slightly lower on the day at 90.0bcf/d according to Bloomberg compared to the previous five year average of around 98bcf/d. The NOAA forecast still shows below normal in the west and above normal in the east in the 6-14 day period.

• US domestic gas production was yesterday estimated relatively unchanged on the day at 104.4bcf/d according to Bloomberg and in line with the average from the last week.
• Feedgas supply to US LNG export terminals are today at 14.17bcf/d with Freeport supplies still curtailed by a unit outage which is expected to last about a month.
• Export flow to Mexico is slightly lower today at 6.2bcf/d.