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Henry Hub Extends Decline to June Low

NATGAS

Henry Hub front month is extending the trend lower in place since mid June amid further LNG feedgas flow reductions and with US production holding steady.

  • US LNG export terminal feedgas flows are today estimated down at 12.25bcf/d, according to Bloomberg. Sabine Pass supply has seen another dip of around 0.5bcf/d since yesterday while Freeport flows are showing as 1.79bcf/d after a compressor issue on June 29.
  • US domestic natural gas production was yesterday holding steady at 102.0bcf/d, according to Bloomberg, compared to an average of 100.7bcf/d across the whole of June 2024.
  • Domestic natural gas demand has risen again to 75.8bcf/d today according to Bloomberg. Temperatures across most of the US are still expected to hold above normal throughout the coming two week period but with neater normal expected in central areas.
  • Export flows to Mexico are back up to 6.67bcf/d after a dip yesterday according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was 495k on July 1.
    • US Natgas AUG 24 down 1.8% at 2.43$/mmbtu
    • US Natgas JAN 25 down 0.7% at 3.73$/mmbtu
    • US Natgas JUL 25 down 0.1% at 3.39$/mmbtu

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