Henry Hub Edges Higher Before EIA Stocks Data

US front month Henry Hub is holding just above the recent lows of 2.15$/mmbtu ahead of the updated EIA inventory data later today.

• US Natgas APR 23 up 2.6% at 2.23$/mmbtu
• The latest EIA weekly gas inventories for the week ending 17 Mar will be released at 10:30 ET (14:30GMT). The expectation is for a draw of -73bcf compared to the 5-year average for this time of year of -41bcf due to cooler weather and higher domestic demand since 8 March.
• The weather forecast is largely unchanged from yesterday with below normal temperatures across most of the country except for above normal in the Gulf Coast region. Domestic natural gas consumption is slightly down from yesterday and near normal at 74.5cf/d.
• Pipeline deliveries to US LNG export terminals are today estimated at 13.05bcf/d with supply to Freeport estimated at 1.35bcf/d according to Bloomberg. The export terminal has cancelled up to four shipments of LNG as the facility attempts to restart to full capacity of around 2.1bcf/d following the eighth moth outage.
• US production was relatively unchanged yesterday at about 100.3bcf/d and exports to Mexico are at 5.7bcf/d.