Henry Hub Furthers Fall

Henry Hub has fallen to new intraday lows during US hours and remains down again on the day expedited by the below-expectation storage draw. Front-month remains at a seven-month low.

• US Natgas MAR 24 down -0.9% at 1.6$/mmbtu
• US Natgas AUG 24 up 0.2% at 2.24$/mmbtu
• The EIA weekly gas inventories for the week ending Feb 9 showed a draw of -49bcf compared to the expectation for a draw of -57bcf according to a BNEF survey and the seasonal normal draw of -131bcf.
• Total stocks are at 2,535bcf compared to the five-year average of 2,187bcf.
• Domestic natural gas demand is slightly down on the day at 91.6bcf/d according to Bloomberg and still below the previous five year average.
• US lower 48 gas production is today around the lowest seen this month at 103.9bcf/d according to Bloomberg.
• Feedgas flows to US LNG export terminals are down again today at 13.4bcf/d with a drop in supply to Sabine Pass adding to the ongoing Freeport LNG train outage.
• Kinder Morgan declared a force majeure on its in western Arizona impacting capacity the through Cadizsou constraint.