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Henry Hub Falls Again Amid Healthy Supplies & Muted Demand

NATGAS

Henry Hub front month is trading just above the lowest since Jul 2020 seen earlier today as production remains strong, LNG export terminal supplies curtailed and with little sign of significant cold in the weather forecast.

    • US Natgas MAR 24 down -1.5% at 1.82$/mmbtu
    • US Natgas AUG 24 down -0.7% at 2.41$/mmbtu
    • US Natgas FEB 25 down -0.3% at 3.56$/mmbtu
  • Domestic natural gas demand is slightly higher up to 91.0bcf/d today but still below the seasonal normal of around 99bcf/d at this time of year. The NOAA 6-14 day forecast is mixed with slightly below normal expected in central and eastern areas but near or above slightly normal expected in the west.
  • Feedgas flows to US LNG export terminals are today at 14.1bcf/d according to Bloomberg with a recovery in Sabine Pass supply. Flows to Freeport LNG are still curtailed by about 0.6bcf/d due to a liquefaction train halt since about Jan 13 which was previously estimated to last one month.
  • US lower 48 gas production was yesterday holding strong up at 105.0bcf/d according to Bloomberg compared to an average of 104.75bcf/d so far in February.
  • Export flow to Mexico is down at 5.72bcf/d today compared to around 6.2bcf/d later last week.
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Henry Hub front month is trading just above the lowest since Jul 2020 seen earlier today as production remains strong, LNG export terminal supplies curtailed and with little sign of significant cold in the weather forecast.

    • US Natgas MAR 24 down -1.5% at 1.82$/mmbtu
    • US Natgas AUG 24 down -0.7% at 2.41$/mmbtu
    • US Natgas FEB 25 down -0.3% at 3.56$/mmbtu
  • Domestic natural gas demand is slightly higher up to 91.0bcf/d today but still below the seasonal normal of around 99bcf/d at this time of year. The NOAA 6-14 day forecast is mixed with slightly below normal expected in central and eastern areas but near or above slightly normal expected in the west.
  • Feedgas flows to US LNG export terminals are today at 14.1bcf/d according to Bloomberg with a recovery in Sabine Pass supply. Flows to Freeport LNG are still curtailed by about 0.6bcf/d due to a liquefaction train halt since about Jan 13 which was previously estimated to last one month.
  • US lower 48 gas production was yesterday holding strong up at 105.0bcf/d according to Bloomberg compared to an average of 104.75bcf/d so far in February.
  • Export flow to Mexico is down at 5.72bcf/d today compared to around 6.2bcf/d later last week.