Henry Hub Pulls Back Amid Drop in Freeport Feedgas Flows

Henry Hub is easing back from gains seen earlier this week ahead of the updated EIA weekly storage data, with a drop in LNG export flows and with mild weather forecast for much of April.

• US Natgas MAY 24 down 1.2% at 1.86$/mmbtu
• US Natgas OCT 24 down 0.4% at 2.56$/mmbtu
• US Natgas APR 25 up 0.1% at 3.02$/mmbtu
• The EIA weekly gas inventories for the week ending Apr. 5 will be released this afternoon at 10:30 ET (15:30BST). The expectation is for a build of 11bcf according to a Bloomberg survey following a draw of 37bcf the previous week. The seasonal normal is a build of around 11bcf.
• Feedgas flow to US LNG export terminals are today estimated at 12.30bcf/d according to Bloomberg. Freeport feedgas flows are today estimated down at just 0.18bcf/d after an unexpected decline from yesterday. Train 3 at the facility had an unexpected stop and restart on Tuesday into Wednesday according to a TCEQ filing.
• Lower 48 natural gas demand is relatively unchanged on the day at 68.4bcf/d according to Bloomberg. The latest forecast shows lower 48 temperatures mostly above normal through the coming two weeks. The NOAA 6-10 day forecast shows temperatures well above normal in the east and Gulf Coast but below normal in the north and Rocky Mountain region.
• US domestic natural gas production was yesterday estimated down at 98.9bcf/d according to Bloomberg compared to an average of 101.1bcf/d in the first week of April and 102.1bcf/d in March.
• Export flows to Mexico are today at 6.5bcf/d according to Bloomberg.
• Nymex Henry Hub daily aggregate traded futures volume was 469k yesterday.