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Henry Hub Holds in Range After Small Build in Storage  Data Yesterday


Henry Hub front month is holding steady and trading in the 1.643$/mmbtu to 1.774$/mmbtu range this week after EIA storage data yesterday as expected showed a small build.

    • US Natgas APR 24 down 0.4% at 1.68$/mmbtu
    • US Natgas SEP 24 down 0.4% at 2.43$/mmbtu
    • US Natgas MAR 25 down 0.8% at 3.16$/mmbtu
  • The EIA weekly gas inventories for the week ending Mar. 15 showed a build of 7bcf in line with expectation compared to the seasonal normal draw of -59.5bcf. The build helps maintain a strong end of winter season US inventory surplus. Total stocks are at 2,332bcf compared to the previous five year average of 1,650bcf.
  • Total feedgas flow to US LNG export terminals is today estimated back up to 13.3bcf/d according to Bloomberg. Corpus Christi LNG feedgas supplies have recovered after a dip yesterday but Freeport supplies are still curtailed with works expected to run through April. The number of US LNG export cargoes fell last week to 21 from 26 the previous week according to the EIA.
  • Lower 48 natural gas demand remains strong at 86.9bcf/d today according to Bloomberg compared to the five year average of around 75bcf/d. The NOAA 6-14 day forecast is unchanged with below normal temperatures expected in central and western areas but near to above normal in the eastern US.
  • NOAA’s Climate Prediction Center predict above-average temperatures for most the US for April through June and wetter in the Southeast according to the Spring Outlook.
  • US domestic natural gas production was yesterday at 100.5bcf/d according to Bloomberg compared to an average of 100.3bcf/d over the previous week.
  • Export flows to Mexico are today unchanged at 6.2bcf/d according to Bloomberg.

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