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Henry Hub Gains on Warm Forecast and Potential Dip in Production

NATGAS

US Henry Hub front month is gaining ground today as prices recover from a low of around 2.14$/mmbtu late last week with a warmer weather forecast and a potential dip in production in Q3 according to EIA.

    • US Natgas JUL 23 up 2.8% at 2.33$/mmbtu
  • The latest EIA STEO suggests US dry natural gas production could dip lower in Q3 from a record 104bcf/d during April reflecting reduced natural gas-directed drilling due to lower prices. Domestic production was yesterday down to 99.9bcf/d according to Bloomberg compared to volumes over 101bcf/d seen thoughout most of May.
  • The latest US 6-10 day weather forecast is relatively unchanged from yesterday with temperatures across the East Coast, Gulf Coast and central regions moving warmer in the 8-14 day period to potentially increase air conditioning demand. Domestic demand is today slightly higher at 65.9bcf/d according to Bloomberg.
  • Delivery flows to the US LNG export terminals are largely unchanged from yesterday at 11.8bcf/d and near the lowest since the start of the year due to reduced supplies to Sabine Pass due to maintenance.
  • Export flows to Mexico are today estimated up at 6.5bcf/d.
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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