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NATGAS: Henry Hub Extends Rally to Highest Since Jan 2023

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Henry Hub extends the rally to the highest since Jan 2023 with cold weather this weekend boosting demand and after another above normal gas storage withdrawal in EIA data yesterday.

  • President-elect rump has threatened the EU with tariffs if member states don’t buy more oil and gas from the US.
  • The EIA weekly gas inventories for the week ending Dec. 13 showed a larger than normal withdrawal of 125bcf but in line with expectation. Total stocks are down to 3,622bcf but still above the previous five year average of 3,490bcf and 20bcf above levels seen a year ago.
  • US LNG export terminal feedgas supply is estimated at the highest since January at 14.59bcf/d today, BNEF shows, as Plaquemines LNG feedgas holds at 0.39bcf/d.
  • Lower 48 natural gas demand is up again to 103.9bcf/d today, according to Bloomberg as temperatures continue to drop in the coming days. The dip could be short lived with temperatures expected to recover back above normal next week. The NOAA 6-14 forecast is relatively unchanged with above normal showing across the US throughout.
  • US domestic natural gas production is estimated at 104.7bcf/d today, according to Bloomberg compared to an average of 105.0bcf/d so far in December.
  • Export flows to Mexico have risen again to 6.74bcf/d today, according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was 608k on Dec. 19.
    • US Natgas JAN 25 up 2.1% at 3.66$/mmbtu
    • US Natgas FEB 25 up 1.9% at 3.36$/mmbtu
    • US Natgas DEC 25 up 0.8% at 4.2$/mmbtu
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Henry Hub extends the rally to the highest since Jan 2023 with cold weather this weekend boosting demand and after another above normal gas storage withdrawal in EIA data yesterday.

  • President-elect rump has threatened the EU with tariffs if member states don’t buy more oil and gas from the US.
  • The EIA weekly gas inventories for the week ending Dec. 13 showed a larger than normal withdrawal of 125bcf but in line with expectation. Total stocks are down to 3,622bcf but still above the previous five year average of 3,490bcf and 20bcf above levels seen a year ago.
  • US LNG export terminal feedgas supply is estimated at the highest since January at 14.59bcf/d today, BNEF shows, as Plaquemines LNG feedgas holds at 0.39bcf/d.
  • Lower 48 natural gas demand is up again to 103.9bcf/d today, according to Bloomberg as temperatures continue to drop in the coming days. The dip could be short lived with temperatures expected to recover back above normal next week. The NOAA 6-14 forecast is relatively unchanged with above normal showing across the US throughout.
  • US domestic natural gas production is estimated at 104.7bcf/d today, according to Bloomberg compared to an average of 105.0bcf/d so far in December.
  • Export flows to Mexico have risen again to 6.74bcf/d today, according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was 608k on Dec. 19.
    • US Natgas JAN 25 up 2.1% at 3.66$/mmbtu
    • US Natgas FEB 25 up 1.9% at 3.36$/mmbtu
    • US Natgas DEC 25 up 0.8% at 4.2$/mmbtu