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Henry Hub Holds Near Highs Ahead of EIA Storage Data

NATGAS
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Henry Hub front month is holding just below the high of $2.851/mmbtu seen yesterday ahead of the updated EIA weekly natural gas storage data with little change in market fundamentals on the day.

  • The EIA weekly gas inventories for the week ending May 17 will be released this afternoon at 10:30 ET (15:30BST). The expectation is for a build of 85bcf according to a Bloomberg survey following a build of 70bcf the previous week. The seasonal normal is a build of around 90bcf.
  • US domestic natural gas production was yesterday estimated up slightly to 100.1bcf/d according to Bloomberg but still slightly below levels seen this time last year.
  • US terminal feedgas flows are today estimated almost unchanged on the day at 12.93bcf/d according to Bloomberg with flows to Sabine Pass and Cameron still below normal levels.
  • Domestic natural gas demand is today at 65.8bcf/d according to Bloomberg compared to the seasonal normal of around 62bcf/d. The latest 6-14 day NOAA forecast is relatively unchanged on the day with above normal temperatures expected on the Gulf Coast and in western areas but near or just slightly below normal forecast elsewhere.
  • Export flows to Mexico are at 6.5bcf/d today according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was the highest since late Feb. at 791k on May 22.
    • US Natgas JUN 24 down 1.6% at 2.8$/mmbtu
    • US Natgas NOV 24 down 1% at 3.33$/mmbtu
    • US Natgas MAY 25 down 0.4% at 3.19$/mmbtu
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Henry Hub front month is holding just below the high of $2.851/mmbtu seen yesterday ahead of the updated EIA weekly natural gas storage data with little change in market fundamentals on the day.

  • The EIA weekly gas inventories for the week ending May 17 will be released this afternoon at 10:30 ET (15:30BST). The expectation is for a build of 85bcf according to a Bloomberg survey following a build of 70bcf the previous week. The seasonal normal is a build of around 90bcf.
  • US domestic natural gas production was yesterday estimated up slightly to 100.1bcf/d according to Bloomberg but still slightly below levels seen this time last year.
  • US terminal feedgas flows are today estimated almost unchanged on the day at 12.93bcf/d according to Bloomberg with flows to Sabine Pass and Cameron still below normal levels.
  • Domestic natural gas demand is today at 65.8bcf/d according to Bloomberg compared to the seasonal normal of around 62bcf/d. The latest 6-14 day NOAA forecast is relatively unchanged on the day with above normal temperatures expected on the Gulf Coast and in western areas but near or just slightly below normal forecast elsewhere.
  • Export flows to Mexico are at 6.5bcf/d today according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was the highest since late Feb. at 791k on May 22.
    • US Natgas JUN 24 down 1.6% at 2.8$/mmbtu
    • US Natgas NOV 24 down 1% at 3.33$/mmbtu
    • US Natgas MAY 25 down 0.4% at 3.19$/mmbtu