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Henry Hub Finds Support

NATURAL GAS

Henry Hub has reversed earlier losses to track the rises across the global energy complex on the day.

  • US Natgas MAR 24 up 0.8% at 1.67$/mmbtu
  • US Natgas AUG 24 up 3.9% at 2.57$/mmbtu
  • Global Prices are being supported by concerns of disruption in the Red Sea being dragged out, which will have ramifications for shipping and supply.
  • Hopes for a ceasefire have also been met with notes of caution, despite Biden’s optimistic remarks that a deal could be struck by the end of the weekend to halt the conflict during Ramadan.
  • Slightly downward revision in the two-week forecast may add some support, although temperatures are still holding above the 30-year normal.
  • US gas production fell to 101.7bcf/d yesterday according to Bloomberg
  • Lower 48 natural gas demand is estimated down again to the lowest since November at 74.75bcf/d according to Bloomberg.
  • Feedgas flows to US LNG export terminals are unchanged from yesterday at 13.7bcf/d

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