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Henry Hub Moderates Losses After EIA Data

NATGAS

Henry Hub front month has pared gains after EIA data showed another below average build in natural gas inventories.

  • US Natgas SEP 24 down 1.6% at 2.08$/mmbtu
  • US Natgas FEB 25 down 0.1% at 3.35$/mmbtu
  • The EIA weekly gas inventories for the week ending Aug. 2 showed an injection of 21bcf compared to the expectation for an injection of 24.5bcf according to a Bloomberg survey and the seasonal normal injection of about 38bcf.
  • US storage inventories however still hold a robust surplus of 422bcf, although it has shrunk in 11 of the last 12 weeks.
  • Total stocks are now at 3,270 bcf compared to the previous five-year average of 2,846 bcf.
  • Survey Estimates for the change in US natural gas storage in the week to Aug. 2: +24.5 bcf (Bloomberg), +26 (Reuters), +26 (WSJ), +27 (Platts).
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