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Henry Hub Near March Low Amid Curtailed LNG Feedgas and Mixed Weather

NATGAS

Henry Hub front month is holding just above the lowest since Feb. 27 at 1.589$/mmbtu from yesterday with curtailed LNG feedgas flows and high storage weighing on prices while the US weather forecast averages near normal.

    • US Natgas APR 24 up 0.5% at 1.62$/mmbtu
    • US Natgas SEP 24 up 1.1% at 2.45$/mmbtu
    • US Natgas MAR 25 up 0.9% at 3.2$/mmbtu
  • Feedgas flow to US LNG export terminals is today estimated at 12.9bcf/d according to Bloomberg compared to an average of 13.1bcf/d over the previous week. Freeport LNG supply remains less than half of capacity while Calcasieu Pass flows have also dropped by around 0.5bcf/d so far this week.
  • Lower 48 natural gas demand is holding just above normal at 81.4bcf/d today according to Bloomberg but down from a high of nearly 90bcf/d last week. The latest NOAA 6-14 day forecast shows a mixed picture with warm weather in central areas moving eastwards over the coming weekend. The 6-14 day period shows above normal temperatures in the Lower Atlantic and Gulf Coast regions but with near normal expected in the 8-14 day period.
  • US domestic natural gas production was yesterday at 100.2bcf/d according to Bloomberg compared to an average of 100.65bcf/d so far in March.
  • Export flows to Mexico are today at 5.9bcf/d according to Bloomberg.
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