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Henry Hub Edges Lower on Demand, Weather

NATGAS

Front month Henry Hub is pulling back today but recouped most of the earlier losses as lower demand during the Easter holiday weekend and an upward revision in temperature forecasts paired with lower feedgas flows to LNG terminals are weighed against a sharp drop in production.

    • US Natgas MAY 24 down 0.5% at 1.75$/mmbtu
    • US Natgas OCT 24 unchanged at 2.53$/mmbtu
    • US Natgas APR 25 down 0.2% at 3$/mmbtu
  • Feedgas flow to US LNG export are down to 12.48bcf/d today compared with the 30-day moving average of 13bcf/d according to Bloomberg. Flows to Freeport LNG remain curtailed at 0.78bcf/d on Monday with only one liquefaction train operational. Flows to Sabine Pass and Calcasieu Pass are also reduced on Monday.
  • Lower 48 natural gas demand is estimated just below normal at 77.073bcf/d today.
  • The latest NOAA forecast showed temperatures well above normal in the Midwest and parts of the USGC, with below normal temperatures on the East and West Coasts in the 6-10 days period but with eastern areas turning warmer in the 8-14 day period.
  • US domestic natural gas production is today estimated to be down sharply at 96.66bcf/d amid a decline in output from Haynsville. This compares to the 30-day moving average of 100.55bcf/d.
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