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Henry Hub Edges Higher with Strong LNG Flows and Global Market Risks

NATGAS

US Henry Hub front month is edging higher to halt the decline over the last with strong domestic production weighed against high LNG export flows and a mixed weather forecast. An end to the planned strike action at LNG facilities in Australia should help ease global supply concerns although better than expected China data and Middle East tensions are upside risks to global gas markets.

    • US Natgas NOV 23 up 0.9% at 3.11$/mmbtu
    • US Natgas APR 24 up 0.7% at 3.17$/mmbtu
    • US Natgas OCT 24 up 0.2% at 3.49$/mmbtu
  • US domestic natural gas production was yesterday estimated at 103.5bcf/d according to Bloomberg after reaching a record high of 104bcf/d on 16 Oct and compared to approximately 99.5bcf/d this time last year.
  • Natural gas deliveries to US LNG export facilities are still holding near the highest since April at 14.3bcf/d today according to Bloomberg compared to flows below 13bcf/d earlier this month.
  • US domestic natural gas demand is back down near to the seasonal five year average at 68.2bcf/d today according to Bloomberg with a mixed weather forecast for the coming two weeks. Near term below normal temperatures on the East Coast are expected to turn above normal in the next week with a band of warmer weather moving across from the West. The West coast in then expected to see cooler weather from early next week.
  • Export flows to Mexico are slightly higher at a recent dip at around 6.45bcf/d today.
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