Henry Hub Maintains Bullish Trend Ahead of EIA Storage Data

Henry Hub remains in a bullish trend with front month today rising to the highest since late January driven by concern for US production ahead of the updated EIA gas storage inventory data.

• US Natgas JUN 24 up 0.7% at 2.43$/mmbtu
• US Natgas NOV 24 up 0.5% at 3.1$/mmbtu
• US Natgas MAY 25 up 0.2% at 3.05$/mmbtu
• The EIA weekly gas inventories for the week ending May 10 will be released this afternoon at 10:30 ET (15:30BST). The expectation is for a build of 77bcf according to a Bloomberg survey following a build of 79bcf the previous week. The seasonal normal is a build of around 88bcf.
• Kinder Morgan Natural Gas Pipeline Company has extended maintenance in Montgomery County, Texas through the end of August, Bloomberg said.
• US terminal feedgas flows have returned to levels seen last weekend at 13.23bcf/d today according to Bloomberg with a partial recovery in Sabine Pass supplies while maintenance continues to limit Cameron supplies.
• US domestic natural gas production was yesterday at 99.3bcf/d according to Bloomberg compared to an average of 100.1bcf/d over the previous week.
• Lower 48 natural gas demand is down slightly on the day to 64.4bcf/d today according to Bloomberg. The latest US weather forecast is unchanged on the day with the NOAA 6-14 day forecast showing above normal temperatures in the Gulf Coast and Atlantic regions but below normal in the north and west coast.
• Export flows to Mexico are today at 6.63bcf/d today according to Bloomberg.
• Nymex Henry Hub daily aggregate traded futures volume was 552k on May 14.