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Henry Hub Edges Lower Amid Thin Holiday Volumes

NATGAS

Henry Hub front month is edging lower amid thin volumes to extend a pull back in place since June 11.

  • The EIA weekly gas inventories for the week ending June 28 showed an injection of 32bcf compared to the seasonal normal injection of 69bcf. Data for the week to June 21 was revised up from 52bcf to 57bck to result in total stocks to 3,134bcf compared to the previous five year average of 2,638bcf.
  • US domestic natural gas production is today estimated at 102.1bcf/d, according to Bloomberg. The start-up of long-term shipping contracts on the Mountain Valley Pipeline is already boosting gas transmissions on the new line, further supporting a rebound in Appalachian production, Platts said.
  • US LNG export terminal feedgas flows are today estimated back up to 12.9bcf/d, from near 12bcf/d earlier this week driven primarily by a recovery in Corpus Christi supply, according to Bloomberg.
  • Domestic natural gas demand is today slightly lower at 73.7bcf/d according to Bloomberg. Lower 48 weather forecasts have shifted slightly cooler overall. The NOAA 6-10 day forecast shows strongly above normal temperatures on the west coast but below normal in more central areas.
  • Export flows to Mexico are today at 6.5bcf/d according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume is light today due to the US holiday after seeing 353k on July 3.
    • US Natgas AUG 24 down 0.7% at 2.4$/mmbtu
    • US Natgas JAN 25 down 0.1% at 3.72$/mmbtu
    • US Natgas JUL 25 down 0.2% at 3.4$/mmbtu
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