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Henry Hub Extends Pull Back Amid Slightly Cooler Forecast

NATGAS

The Henry Hub market is easing lower ahead of the updated EIA US gas storage data as the hot weather forecast moderates while domestic production edges slightly higher.

  • The day delayed EIA weekly gas inventories for the week ending Jun 14 will be released this afternoon at 10:30 ET (15:30BST). The expectation is for a build of 70bcf according to a Bloomberg survey following a build of 74bcf the previous week. The seasonal normal is a build of around 84bcf.
  • Domestic natural gas demand is today estimated at the highest since early April at 76.4bcf/d according to Bloomberg. The two week weather forecast has cooled slightly for the east and Midwest but remains above normal across most of the US through the 6-14 day forecast period.
  • US domestic natural gas production is today at 101.0bcf/d according to Bloomberg compared to an average of 100.3bcf/d so far this month and also just back above levels seen this time last year.
  • US LNG export terminal feedgas flows are today down to 12.31bcf/d, according to Bloomberg, with Sabine Pass LNG supplies falling to the lowest since June 2023 at 3.35bcf/d as pipeline work continues at the Louisiana terminal.
  • Export flows to Mexico are at the higher end of the recent range at 7.03bcf/d today according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was just 69k on June 19 due to the US holiday.
  • US Natgas JUL 24 down 1.2% at 2.71$/mmbtu
  • US Natgas DEC 24 down 0.7% at 3.74$/mmbtu
  • US Natgas JUN 25 down 0.9% at 3.31$/mmbtu
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