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Henry Hub Erases Gains

NATURAL GAS

Henry Hub has erased most of its daily gains to move rangebound as EIA data showing a storage draw in line with market expectations and below average for this time of year. Front month briefly moved negative on the day.

  • US Natgas JAN 24 up 0% at 2.34$/mmbtu
  • US Natgas JUN 24 up 0.9% at 2.48$/mmbtu
  • The EIA weekly gas inventories for the week ending Dec 8 showed a draw of -55bcf compared to the expectation for a draw of -56bcf according to a Bloomberg survey.
  • The total US inventories remain well above season normal levels at 3,664bcf compared to the average of 3,404bcf.
  • The NOAA weather forecast has been slightly adjusted with most of the US seeing above normal temperatures throughout this month.
  • Feedgas flows to US LNG export terminal is down today to 14.09bcf/d, from 14.55bcf/d yesterday and below the 30-day moving average of 14.40bcf/d as flows to Corpus Christi dripped further to 1.60 bcf/d.
  • Domestic natural gas production has dipped down to 104.32bcf/d according to Bloomberg.
  • Lower 48 natural gas demand rose above the five-year range to 98.05bcf/d.

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