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Henry Hub Extends Rally to Highest Since mid Jan

NATGAS

US Henry Hub front month extends the rally from last week to the highest since mid January amid warm weather and lower production levels relative to last year and falling rig counts.

  • US domestic natural gas production edged back just above 100bcf/d yesterday according to Bloomberg compared to an average of 100.7bcf/d in the first half of June 2023. The Baker Hughes US gas rig count was down again to 98 last week from around 120 earlier this year.
  • Domestic natural gas demand remains steady at 68.5bcf/d according to Bloomberg. The NOAA 6-14 day forecast shows above normal temperatures are expected throughout most of the US except for the far north west and with the largest anomaly in eastern areas.
  • US terminal feedgas flows are today at 12.84bcf/d according to Bloomberg with supplies to Sabine Pass still below normal and with a slightl dip in supply to Calcasieu Pass.
  • Export flows to Mexico have dipped slightly back to 6.58bcf/d today according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was at 633k on June 7.
  • US Natgas JUL 24 up 3.7% at 3.03$/mmbtu
  • US Natgas DEC 24 up 1.9% at 3.82$/mmbtu
  • US Natgas JUN 25 up 1.6% at 3.41$/mmbtu
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