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Henry Hub Falls During US Trading

NATURAL GAS

Henry Hub has ticked up from its intraday lows but has softened during US trading after almost reaching rangebound territory near European close. Record domestic production is adding to healthy storage and an expected drop in demand next week due to a warning weather forecast.

  • US Natgas DEC 23 down -1.4% at 2.76$/mmbtu
  • US Natgas MAY 24 down -1.1% at 2.73$/mmbtu
  • US Natgas NOV 24 down -0.6% at 3.53$/mmbtu
  • US Natgas 1-2 spread up 0$/mmbtu at -0.14$/mmbtu
  • Current cold weather has driven domestic US natural gas demand further above normal for the time of year up to 98.9bcf/d according to Bloomberg. Demand is however expected to fall back as temperatures warm over the coming weekend and into next week.
  • The NOAA forecast shows above normal temperatures across most of the US in the 6–14-day period.
  • Domestic natural gas production reached a fresh high of 106.4bcf/d yesterday.
  • Feedgas flows to US LNG export terminals are today estimated down to 13.8bcf/d according to Bloomberg due to a drop of about 0.85bcf/d in supplies to Sabine Pass since the start of the week.
  • Export flows to Mexico are today up to 6.0bcf/d according to Bloomberg.

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