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Henry Hub Moderating Gains

NATURAL GAS

Henry Hub remains at levels not seen since Feb. 8, but is now easing back from its intraday highs after peaking at $1.986/MMBtu. Henry Hub initially found support after gas producer EQT announces curtailed production due to low prices.

  • Notwithstanding output cuts, warm weather and muted demand towards the end of the heating season continue to add some downward pressure.
  • US Natgas APR 24 up 5.1% at 1.93$/mmbtu
  • US Natgas SEP 24 up 4.1% at 2.63$/mmbtu
  • US natural gas producer EQT made a strategic decision to curtail about 1bcf per day of gross production in late February and through March amid low natural gas prices.
  • Production was yesterday at 101.0bcf/d according to Bloomberg compared to an average for Feb of about 103.5bcf/d.
  • Lower 48 natural gas demand is estimated down below normal at 74.3bcf/d today after falling to the lowest since October at 70.35bcf/d yesterday.
  • Feedgas flows to US LNG export terminals are today at 13.85bcf/d according to Bloomberg

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