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Henry Hub Extends Gains on Rig Count Drop and Steady Demand

NATGAS

US Henry Hub extends gains to the highest since the end of April driven by a big drop in the Baker Hughes rig count on Friday and support by steady LNG export demand and a slight increase in domestic demand above normal.

  • The Baker Hughes rig count dropped by 16 to 141 and the lowest since April 2022. The drop could be a sign that drilling activity is slowing in reaction to the high inventory levels and due to low market prices. The updated EIA US drilling productivity report for June oil and gas shale production is due out later today.
  • Gas demand for power generation up to the highest seasonal level since at least 2014 according to Bloomberg.
  • The upside moves have been limited by recent strong production and high seasonal storage levels.
    • US Natgas JUN 23 up 4.3% at 2.36$/mmbtu
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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