Henry Hub Finding Some Support Ahead of EIA Storage Data

US Henry Hub front month futures are finding some support today ahead of another expected below normal storage build and with a dip in production. The support comes after a steady decline this week amid a cooler weather forecast.

• US Natgas OCT 23 up 1.4% at 2.55$/mmbtu
• US Natgas MAR 24 unchanged at 3.3$/mmbtu
• US Natgas SEP 24 up 0.4% at 3.29$/mmbtu
• The latest EIA weekly gas inventories for the week ending 1 Sep will be released this afternoon at 15:30BST. The expectation is for a build of +41bcf according to a Bloomberg survey compared to a build of +32bcf last week and the seasonal normal of +51bcf. The US storage surplus has seen a gradual decline in recent weeks.
• The latest two week NOAA forecast is relatively unchanged from yesterday with at or below normal temperatures in the North East and central areas and above normal holding on in the south and on the West Coast. Domestic gas consumption is today still above the five year range at 74.6bcf/d today.
• US domestic natural gas production was yesterday estimated down at 101bcf/d according to Bloomberg compared to daily output of around 102.4bcf/d so far this month.
• Feedgas delivery flows to US LNG export terminals are today down at 12.7bcf/d compared to a revised 13.0bcf/d yesterday due to a lower supply to Sabine Pass and Cameron.
• Export flows to Mexico are holding well above normal at 7.1bcf/d today.