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Henry Hub Falls Back as Domestic Demand Could Ease with Mild Weather

NATGAS

US Henry Hub is pulling back following gains yesterday with domestic demand expected to ease from the current high levels with warmer weather later this week. Global energy markets continue to watch for the risk of an escalation of the conflict in Israel to the wider Middle East region.

    • US Natgas DEC 23 down -2.8% at 3.48$/mmbtu
    • US Natgas MAY 24 down -1.7% at 3.21$/mmbtu
    • US Natgas NOV 24 down -1.1% at 3.87$/mmbtu
  • US natural gas demand is today estimated up again to 89.5bcf/d according to Bloomberg with current below normal temperatures in eastern and Gulf Coast regions. Temperatures are expected to warm in the coming days as above normal temperatures move across from the west by the weekend. The NOAA forecast suggests cooler temperatures retuning to eastern regions in the 8-14 day period.
  • Domestic natural gas production has drifted slightly lower back to around 102.9bcf/d yesterday but still strong compared to output of around 100bcf/d this time last year.
  • Natural gas delivery flows to US LNG export facilities are today estimated slightly higher at 14.6bcf/d according to Bloomberg.
  • Export flows to Mexico are today estimated down at 5.51bcf/d compared to an average of 6.46bcf/d in October.
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