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Henry Hub Furthers Slump

NATURAL GAS

Henry Hub has furthered its fall on the day, hitting its lowest level since Jan. 5, amid below-average stock draws and forecasts for milder weather to taper demand.

  • US Natgas FEB 24 down -5.9% at 2.7$/mmbtu
  • US Natgas JUL 24 down -2.7% at 2.73$/mmbtu
  • The EIA weekly gas inventories for the week ending Jan 12 showed a draw of -154bcf compared to the expectation for a draw of -167bcf according to a Bloomberg survey and the seasonal normal draw of -122bcf.
  • The total US inventories remain near the top of the previous five-year range at 3,182bcf compared to the average of 2,880bcf.
  • omestic natural gas demand is falling back towards normal levels with today estimated at 111.1bcf/d compared to the five-year average around 105bcf/d.
  • Cold weather this week is expected to be replaced by above normal across the US from around Jan 23 and remain warm until the end of the month.
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