Henry Hub Maintains Rise

Henry Hub continues to trade higher, although has softened slightly from its daily peak, as lower than expected inventory builds and cooler weather add support.

• US Natgas NOV 23 up 7.3% at 3.18$/mmbtu
• US Natgas APR 24 up 3.7% at 3.14$/mmbtu
• The latest EIA weekly gas inventories for the week ending 29 Sep showed a build of +86bcf compared to a Bloomberg survey expecting a +94bcf build and the five-year average for this time of year of +101bcf.
• The total US inventories surplus has closed slightly again this week but stocks are still above normal at 3,445bcf compared to the average of 3,243bcf.
• Domestic natural gas demand has fallen back to near seasonal normal levels at 66.2bcf/d today according to Bloomberg.
• Below normal temperatures on the East Coast are set to move back towards normal early next week as warmer weather spreads across most of the country in the 8-14 day period of the forecast according to NOAA.
• US domestic natural gas production was yesterday estimated at 100.9bcf/d according to Bloomberg in line with the volumes seen so far this month but below the Sep average of 101.5bcf/d.
• Natural gas deliveries to US LNG export terminals are today stable at 12.61bcf/d according to Bloomberg with flows still curtailed by Cove Point maintenance.
• Export flows to Mexico are unchanged today at 7.1bcf/d.