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Henry Hub Gains Ground Before Expiry

NATURAL GAS

US Henry Hub is surging after hitting a low of around 2.55$/mmbtu yesterday as feedgas flows to US LNG export terminals have recovered slightly, boosted by a rise in Sabine Pass’ intake.

  • US Natgas OCT 23 up 3.6% at 2.75$/mmbtu
  • US Natgas MAR 24 up 1% at 3.2$/mmbtu
  • US Natgas SEP 24 up 0.3% at 3.26$/mmbtu
  • US Natgas 1-2 spread up 0$/mmbtu at -0.18$/mmbtu
  • Today’s contract expiry of the October Henry Hub contact is also driving some volatility, according to Bloomberg, as contract volumes shift to the November futures.
  • Feedgas levels at Sabine Pass, the largest US LNG liquefaction terminal, have rebounded to normal levels following several days of reduced intake. Flows to Corpus Christi are however still about 0.6bcf/d below normal and Cove Point is halted for maintenance. Total natural gas delivery flows to US LNG export terminals are today estimated at 12.0bcf/d.
  • Domestic natural gas consumption is relatively unchanged on the day at around 68.3bcf/d with no change in the mixed weather forecast for the coming fortnight. Central and eastern areas are showing above normal throughout the forecast while the west holds onto below normal temperature.
  • US domestic natural gas production was yesterday back down to 101.1cf/d compared to just over 102bcf/d the previous day.
  • Export flows to Mexico are today estimated high at 7.1bcf/d.
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