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Henry Hub Maintain Gains

NATURAL GAS

Henry Hub is trading higher on the day and is holding most of its gains, despite easing back from an intraday high of $1.634/MMBtu. If sustained until close, this would be the first on the day rise since Feb. 2. Slightly lower production and an uptick in LNG feedgas are buoying prices, despite the milder weather from El nino suppressing demand.

  • US Natgas MAR 24 up 1.1% at 1.6$/mmbtu
  • US Natgas AUG 24 up 1.4% at 2.27$/mmbtu
  • Domestic natural gas demand is slightly up on the day at 92.6 bcf/d according to Bloomberg and still below the previous five-year average of 93.4 bcf/d.
  • The 6–14-day period shows above normal temperatures in central areas. Temperatures are near normal in the West and slightly above normal on the east coast.
  • US lower 48 gas production is down to 103.7 bcf/d, the lowest level since Jan. 27 according to Bloomberg, but still well above levels seen this time last year of around 99.6 bcf/d.
  • Feedgas flows to US LNG export terminals are up slightly today at 13.7 bcf/d. Freeport flows remain subdued amid an LNG train outage.
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