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Henry Hub Extends Rally on Low Production and Risk of Higher LNG Demand

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US Henry Hub is rising up towards the highs of $2.924/mmbtu seen on May 23 with support from Norwegian pipeline supply outages to Europe to add to the lower US production levels. A clear timeline for the Norwegian gas facility repairs has helped to eased upside pressure on European prices today.

  • US domestic natural gas production was yesterday at 99.6bcf/d according to Bloomberg, down slightly from the average of 99.9bcf/d over the previous week.
  • US terminal feedgas flows are stable at 13.06bcf/d according to Bloomberg with Sabine Pass supply still about 0.8bcf/d below highs from earlier this year.
  • Domestic natural gas demand is today estimated above the previous five year range up at 69.2bcf/d according to Bloomberg and compared to the previous five year average of around 64bcf/d. The latest NOAA forecast is unchanged from yesterday with above normal temperatures in western areas and on the Gulf Coast but below normal in the Midwest and Central Atlantic.
  • Export flows to Mexico are at 6.61bcf/d today according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was at up at 643k on June 3.
    • US Natgas JUL 24 up 1.9% at 2.81$/mmbtu
    • US Natgas DEC 24 up 0.7% at 3.64$/mmbtu
    • US Natgas JUN 25 up 0.7% at 3.29$/mmbtu
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US Henry Hub is rising up towards the highs of $2.924/mmbtu seen on May 23 with support from Norwegian pipeline supply outages to Europe to add to the lower US production levels. A clear timeline for the Norwegian gas facility repairs has helped to eased upside pressure on European prices today.

  • US domestic natural gas production was yesterday at 99.6bcf/d according to Bloomberg, down slightly from the average of 99.9bcf/d over the previous week.
  • US terminal feedgas flows are stable at 13.06bcf/d according to Bloomberg with Sabine Pass supply still about 0.8bcf/d below highs from earlier this year.
  • Domestic natural gas demand is today estimated above the previous five year range up at 69.2bcf/d according to Bloomberg and compared to the previous five year average of around 64bcf/d. The latest NOAA forecast is unchanged from yesterday with above normal temperatures in western areas and on the Gulf Coast but below normal in the Midwest and Central Atlantic.
  • Export flows to Mexico are at 6.61bcf/d today according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was at up at 643k on June 3.
    • US Natgas JUL 24 up 1.9% at 2.81$/mmbtu
    • US Natgas DEC 24 up 0.7% at 3.64$/mmbtu
    • US Natgas JUN 25 up 0.7% at 3.29$/mmbtu