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Henry Hub Front Month Holding Just Above Contract Lows

NATGAS

Henry Hub front month edges up from a contract low of 2.037$/mmbtu earlier today but with upside limited by below normal demand, strong domestic production and curtailed Freeport LNG exports.

    • US Natgas MAR 24 up 0.8% at 2.09$/mmbtu
    • US Natgas AUG 24 down -0.1% at 2.6$/mmbtu
    • US Natgas FEB 25 down -0.1% at 3.64$/mmbtu
  • Lower 48 natural gas demand is relatively unchanged on the day at 94.4bcf/d according to Bloomberg to remain below the seasonal normal for the time of year.
  • The US weather forecast is also unchanged with lower 48 temperatures general holding above normal in the coming two weeks. The NOAA forecast shows below normal in the west and above normal in the east in the 8-14 day period.
  • US domestic gas production was yesterday estimated at 104.8bcf/d according to Bloomberg with an average of 104.6bcf/d in the last week of Jan after the mid month disruption.
  • Feedgas supply to US LNG export terminals are today steady at 14.1bcf/d with flows curtailed by the outage to one Freeport liquefaction unit.
  • Export flow to Mexico is slightly lower today at 5.99bcf/d.
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