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Henry Hub Extends Decline After EIA Build Yesterday

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US Henry Hub extends the trend lower this week with steady supplies and LNG exports while storage remains high after an above normal build showing in data yesterday.

    • US Natgas JUN 23 down -2.9% at 2.24$/mmbtu
  • EIA weekly gas inventories for the week ending 19 May release yesterday showed a larger than normal build of +96bcf compared to the 5-year average for this time of year of +86bcf although just below market expectations. Total US inventories are still above the five year average at 2,336bcf compared to the average of 1,961bcf.
  • Domestic production is today estimated at 100.4bcf/d compared to an average of 100.7bcf/d so far this month.
  • The latest two week US weather forecast is slightly cooler across the US in the 8-14 day period with below normal temperatures showing in the south but above normal still in the north. Domestic demand is estimated down from yesterday at 63.6bcf/d today according to Bloomberg but remains above the five year average.
  • Delivery flows to the US LNG export terminals are estimated slightly higher at 13.5bcf/d according to Bloomberg with increased supplies to Corpus Christi.
  • Export flows to Mexico are today estimated at 6.7bcf/d.
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US Henry Hub extends the trend lower this week with steady supplies and LNG exports while storage remains high after an above normal build showing in data yesterday.

    • US Natgas JUN 23 down -2.9% at 2.24$/mmbtu
  • EIA weekly gas inventories for the week ending 19 May release yesterday showed a larger than normal build of +96bcf compared to the 5-year average for this time of year of +86bcf although just below market expectations. Total US inventories are still above the five year average at 2,336bcf compared to the average of 1,961bcf.
  • Domestic production is today estimated at 100.4bcf/d compared to an average of 100.7bcf/d so far this month.
  • The latest two week US weather forecast is slightly cooler across the US in the 8-14 day period with below normal temperatures showing in the south but above normal still in the north. Domestic demand is estimated down from yesterday at 63.6bcf/d today according to Bloomberg but remains above the five year average.
  • Delivery flows to the US LNG export terminals are estimated slightly higher at 13.5bcf/d according to Bloomberg with increased supplies to Corpus Christi.
  • Export flows to Mexico are today estimated at 6.7bcf/d.