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Henry Hub Extends Gains Towards April High


Henry Hub is extending gains seen yesterday but still below the high of 1.906$/mmbtu seen on April 3. Prices remain at historically low levels after the declines seen during Q1 amid bearish fundamentals. Low prices have supported interest from funds with net long positioning last week edging slightly higher on the week.

    • US Natgas MAY 24 up 1.8% at 1.88$/mmbtu
    • US Natgas OCT 24 up 0.7% at 2.59$/mmbtu
    • US Natgas APR 25 up 0.6% at 3.01$/mmbtu
  • US domestic natural gas production was yesterday estimated at 100.1bcf/d according to Bloomberg and in line with the average seen during the first week of April.
  • Feedgas flow to US LNG export terminals are today estimated up slightly on the day to 13.05bcf/d. Freeport LNG feedgas flows have risen 0.4bcf/d on the day to the highest since March 3 but remain at around two thirds of capacity.
  • Lower 48 natural gas demand is pulling back from the high levels seen over the last week towards normal at 68.5bcf/d today according to Bloomberg. The latest NOAA 6-14 day forecast shows above normal temperatures expected in central and eastern areas but closer to normal forecast for the western US.
  • Export flows to Mexico are today at 6.35bcf/d according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was above normal at 508k on Apr. 8.

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