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Henry Hub Heading for Weekly Gains

NATGAS

Henry Hub is continuing to ease back following yesterday’s rally driven by a below-expectation build in US natural gas storage inventories. However, front month is up around 6.3% on the week.

  • US Natgas JUN 24 down 1.2% at 2.27$/mmbtu
  • US Natgas NOV 24 down 1.3% at 2.97$/mmbtu
  • The EIA weekly gas inventories for the week ending May 3 showed a smaller than expected injection of 79bcf compared to the seasonal normal injection of 76bcf. US storage inventories continue to hold a strong surplus with total stocks at 2,563bcf compared to the previous five-year average of 1,923bcf.
  • US terminal feedgas flows are today up to the highest since March 23 at 13.38bcf/d according to Bloomberg
  • US domestic natural gas production was up slightly on the day to 99.85bcf/d yesterday according to Bloomberg to recover back just above the average seen so far in May.
  • Lower 48 natural gas demand remains unchanged at 67.7bcf/d today according to Bloomberg with mild weather expected across the US throughout the coming two-week period.

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