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Henry Hub Loses Ground

NATURAL GAS

Front month Henry Hub has relinquished its gains to be trading lower on the day, as expectations of lower demand due to warmer weather forecasts offset record LNG feedgas flows.

  • US Natgas JAN 24 down -0.9% at 2.47$/mmbtu
  • US Natgas JUN 24 down -1.3% at 2.42$/mmbtu
  • Natural gas demand is down slightly on the day to 93.3bcf/d to remain just below the seasonal average according to Bloomberg.
  • Above normal temperatures still dominate the two-week forecast, while the ECMWF forecast has risen its mean temperature forecast for the next week in the lower 48s states by around 1C.
  • Feedgas supplies to US LNG export terminals are holding near record level and just above 15.0bcf/d again today according to Bloomberg.
  • US natural gas production was yesterday steady at 104.8bcf/d according to Bloomberg and in line with the previous week and well above levels around 100bcf/d this time last year.
  • Export flows to Mexico are today back up slightly to 5.78bcf/d according to Bloomberg.

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