US NATGAS: Henry Hub Holds Most Gains as EIA Raised Price Forecast

Henry Hub is maintaining most gains seen so far this month with continued support from domestic and export demand as the EIA raises natural gas price forecasts.

• US Henry Hub spot prices for 2025 were raised by 20.7% to $3.79/MMBtu, according to the EIA in its February Short Term Energy Outlook. US dry natural gas production across 2025 has been revised up 0.1 bcf/d to 104.6 bcf/d while consumption is revised up 0.1 bcf/d at 90.7 bcf/d.
• US LNG export terminal feedgas remains up at record high levels of 15.21bcf/d today compared to 14.85bcf/d over the previous week, according to Bloomberg.
• Lower 48 natural gas demand is holding above the previous five year seasonal range at 114.1bcf/d today, according to Bloomberg. The NOAA forecast is relatively unchanged on the day with below normal in central and eastern areas but with warming weather on the west coast into the second week of the outlook.
• US domestic natural gas production dipped slightly to 107.0bcf/d yesterday compared to a high average of 107.9bcf/d over the previous week, Bloomberg shows.
• Export flows to Mexico are today estimated up to 6.67bcf/d, according to Bloomberg.
• Nymex Henry Hub daily aggregate traded futures was 655k on Feb. 11.
  • US Natgas MAR 25 down 0.4% at 3.5$/mmbtu
  • US Natgas APR 25 down 0.3% at 3.52$/mmbtu
  • US Natgas FEB 26 down 0.1% at 4.52$/mmbtu