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Henry Hub Extends Gains on Cold January

NATGAS

Henry Hub front month has rallied during Jan to the highest since Nov 17 supported by colder weather across the US. The cold could narrow the US gas storage surplus over the next several weeks according to S&P Global although only partly offsets the mild December according to Goldman Sachs.

    • US Natgas FEB 24 up 2.6% at 3.06$/mmbtu
    • US Natgas JUL 24 up 1% at 2.9$/mmbtu
    • US Natgas JAN 25 up 0.8% at 4$/mmbtu
  • Domestic natural gas demand is slightly down on the day to 100.2bcf/d according to Bloomberg but remains above the five year average of around 97.5bcf/d. Eastern areas of the US have turned colder in the 6-14 day period although the West Coast is showing warmer weather towards the end of the two week outlook.
  • Feedgas supplies to US LNG export terminals have dipped today down to 14.2bcf/d according to Bloomberg due to a 0.9bcf/d drop in flows to Sabine Pass since Jan 7.
  • US natural gas production remained unchanged at 105.4bcf/d yesterday.
  • Export flows to Mexico are today up to 6.27bcf/d according to Bloomberg.

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