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Henry Hub Maintains Strength on Warm Weather and Low Gas Output

NATGAS

US Henry Hub has pulled back slightly amid a fire at Parker City Gate delivery after reaching a high of $3.08/mmbtu earlier today. Front month yesterday reached the highest since mid January amid warm weather and lower production levels relative to last year.

  • US domestic natural gas production remains low at 99.8bcf/d yesterday according to Bloomberg compared to an average of 100.7bcf/d in the first half of June 2023. Producers have moderated growth after the price fall earlier this year.
  • Domestic natural gas demand remains unchanged above normal at 68.7bcf/d according to Bloomberg. Gas burn in the power sector was up by 6% yoy in May according to IEA. The NOAA 6-14 day forecast is unchanged on the day with above normal temperatures throughout most of the US except for the far north west.
  • US terminal feedgas flows are today at 12.73bcf/d according to Bloomberg with supplies to Sabine Pass down to 4.05bcf/d.
  • Export flows to Mexico have dipped slightly back to 6.58bcf/d today according to Bloomberg. Piped exports to Mexico were up by 8% yoy last month, driven by higher gas-fired power generation in the country.
  • Nymex Henry Hub daily aggregate traded futures volume was up at 734k on June 10.
    • US Natgas JUL 24 up 3.8% at 3.02$/mmbtu
    • US Natgas DEC 24 up 1.6% at 3.83$/mmbtu
    • US Natgas JUN 25 up 0.7% at 3.4$/mmbtu
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