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Henry Hub Losing Ground

NATGAS

Henry Hub has erased some of the gains made in yesterday’s rally, although prices remain at levels before the sell off towards the start of August.

  • US Natgas SEP 24 down 1.7% at 2.08$/mmbtu
  • US Natgas FEB 25 down 0.4% at 3.34$/mmbtu
  • A slight easing in concerns around supply in Europe and lower domestic demand will add downside pressure.
  • US domestic natural gas production fell to 101.7bcf/d yesterday according to Bloomberg compared to an average of 103.7bcf/d over the previous week.
  • US LNG export terminal feedgas flows are up today at 12.75bcf/d according to Bloomberg, compared to the seven-day average of 12.12 bcf/d.
  • Domestic lower 48 natural gas demand has drifted lower from a peak of 86.5bcf/d on Aug 2 but to 76.7 bcf/d today, according to Bloomberg, the lowest since July 28.
  • The current NOAA forecast shows mixed temperatures in the 6–14-day period with central areas, namely in Texas, above normal but east and west coast regions near or below normal.
  • Export flows to Mexico are up again today at 6.62 bcf/d, the highest since July 26.
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