May 17, 2024 17:43 GMT
Henry Hub Holding Daily Gains
NATGAS
Henry Hub is heading for a net gain on the week of around 2%, with EIA data yesterday showing a smaller than expected storage injection. Concerns for US natural gas production is also fuelling a more bullish outlook.
- US Natgas JUN 24 up 4.4% at 2.61$/mmbtu
- US Natgas NOV 24 up 1% at 3.15$/mmbtu
- The EIA weekly gas inventories for the week ending May 10 showed a smaller than expected injection of 70bcf compared to the seasonal normal injection of 88bcf. US storage inventories continue to hold a strong surplus with total stocks at 2,633bcf compared to the previous five-year average of 2,013bcf.
- US terminal feedgas flows are today at 13.17bcf/d today according to Bloomberg.
- US domestic natural gas production is today estimated at 99.4bcf/d according to Bloomberg, in line with levels seen in recent days.
- Domestic natural gas demand has remained stable this week and at 65.5bcf/d today according to Bloomberg.
- US natural gas prices have rallied 30% in the last three weeks with a return above $2/mmbtu in line with expectation according to Goldman Sachs.
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