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Henry Hub Holding Gains

NATGAS

US Henry Hub front month is holding most of its gains, although has softened from its intraday high, amid EIA data showing a smaller than expected injection into US natural gas storage.

  • US Natgas JUN 24 up 4.5% at 2.29$/mmbtu
  • US Natgas NOV 24 down 0.5% at 3$/mmbtu
  • The EIA weekly gas inventories for the week ending May. 3 showed an injection of 79bcf compared to the expectation for an injection of 86bcf according to a Bloomberg survey and 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 LNG export terminal feedgas flows have today risen to 12.76bcf/d according to Bloomberg driven by a recovery in supply to Freeport and Corpus Christi. Natural gas supply to Freeport LNG has risen to its highest level since late January at 1.702bcf/d compared to a maximum of around 2.2bcf/d.
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