Henry Hub Near Unchanged on the Day Ahead of Updated EIA Storage Data

Henry Hub is steady today after a pull back from 2$/mmbtu on Mar. 5 to a low of 1.651$/mmbtu yesterday ahead of EIA storage data later today. High storage and curtailed LNG feedgas flows are offsetting the lower domestic production while nearer normal weather is forecast for next week.

• US Natgas APR 24 up 0.2% at 1.66$/mmbtu
• US Natgas SEP 24 up 0.2% at 2.48$/mmbtu
• US Natgas MAR 25 up 0.1% at 3.21$/mmbtu
• The EIA weekly gas inventories for the week ending Mar. 8 will be released this afternoon at 10:30 ET (14:30GMT). The expectation is for a small draw of -2bcf according to a Bloomberg survey after a draw of -40bcf last week. The seasonal normal is a draw of around -99bcf.
• Total feedgas flows to US LNG export terminals are today down to 12.31bcf/d according to Bloomberg. A drop in supply to Corpus Christi is adding to lower Sabine Pass flows and the ongoing Freeport outage, which suggests two of the three trains are offline.
• Lower 48 natural gas demand today remains below normal at 72.8bcf/d after falling to the lowest since October at 69.1bcf/d yesterday. Lower 48 temperatures are expected to drift down from the current above normal levels to near normal from around Mar. 18. The NOAA 6-14 day still generally showed slightly warmer weather holding on in the west.
• US domestic natural gas production was yesterday at 100.2bcf/d according to Bloomberg compared to an average of 100.9bcf/d so far in March and 103.6bcf/d in February.
• Export flows to Mexico are today at 6.1bcf/d according to Bloomberg.