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Henry Hub Erases Gains

NATGAS

Henry Hub has erased gains from earlier in the day, although is up around 9.65% on the week. While some support comes from recovering LNG export flows, weakness in demand and milder weather in parts of the USA will weigh on demand.

  • US Natgas JUN 24 down 0.3% at 2.19$/mmbtu
  • US Natgas NOV 24 down 0.8% at 3.03$/mmbtu
  • US domestic natural gas production was slightly lower yesterday at 99.8bcf/d according to Bloomberg but still in line with the average seen so far in May. A falling US rig count since February is adding the concern for future US production.
  • In the EIA’s Short Term Energy Outlook, both US dry natural gas production and consumption for 2024 were revised down by 0.6 bcf/d in 2024 to 103.0 bcf/d and 89.6 bcf/d respectively.
  • US LNG export terminal feedgas flows are today estimated at 12.23bcf/d according to Bloomberg.
  • Lower 48 natural gas demand remains relatively unchanged at 66.7bcf/d according to Bloomberg and still just above the seasonal five-year average.
  • The latest NOAA 6-14 day forecast is slightly warmer on the day but still showing above normal temperatures in western areas and below or near normal in the east.
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