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Henry Hub Erases Gains

NATURAL GAS

Henry Hub has erased almost all of its daily gains, and was trading lower for a brief period, as wider falls in the energy complex driven by conflicting information on the potential for a ceasefire between Israel and Hamas.

  • US Natgas NOV 23 up 0.2% at 3.22$/mmbtu
  • US Natgas APR 24 up 1% at 3.16$/mmbtu
  • US Natgas OCT 24 up 0.6% at 3.48$/mmbtu
  • US Natgas 1-2 spread down 0$/mmbtu at -0.31$/mmbtu
  • Domestic natural gas production yesterday fell to 102.68bcf/d from 103bcf/d the day before but remained well above the seasonal average.
  • US natural gas demand is estimated lower today below the five-year range 65.72bcf/d, from 65.86bf/d yesterday. The latest 6-10 days weather forecast shows an upward revision in temperatures throughout the US, with above average weather in Western US, while Eastern US temperatures are leaning towards below the seasonal norm.
  • Feedgas deliveries to US LNG export facilities rose on the day to 13.81bcf/d, up from 13.53bcf/d the day before and above the 30-day moving average of 13.44bcf/d. Flows to Sabine Pass increased to 4.49bcf/d, from 4.35bcf/d on Thursday.
  • Export flows to Mexico are today estimated at 6.93bcf/d.
  • The latest EIA weekly gas inventories for the week ending 13 October showed a build of +74bc, compared to a Bloomberg survey expecting +80.27bcf and the five-year average for time of year of +66bcf. The total US inventories remain above normal at 3,700bcf as of 20 October, compared with the five-year normal at 3,517bcf.
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