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Henry Hub Jumps on Stock Draw

NATGAS

Henry Hub has surged to its highest level since mid-July after EIA data showed an unexpected stock draw in gas inventories.

  • US Natgas SEP 24 up 2.9% at 2.28$/mmbtu
  • US Natgas FEB 25 up 0.7% at 3.44$/mmbtu
  • The EIA weekly gas inventories for the week ending Aug. 9 showed a draw of 6 bcf compared to the expectation for an injection of 3 bcf according to a Bloomberg survey and the seasonal normal injection of about 39 bcf.
  • US storage inventories however still hold a robust surplus of 375 bcf, although it has shrunk in 12 of the last 13 weeks.
  • Total stocks are now at 3,264 bcf compared to the previous five-year average of 2,889 bcf.
  • Survey Estimates for the change in US natural gas storage in the week to Aug. 2: +3 bcf (Bloomberg), +19 (Reuters), +7 (WSJ).
  • Surveys had forecast a very minimal build due to continued warmer weather driving up gas-fired electricity demand for cooling.
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