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Henry Hub Pulls Back Following Surge Higher Yesterday

NATGAS

Henry Hub pulls back amid a drop in LNG feedgas and muted demand after surging to a high of 1.989$/mmbtu yesterday after US producer EQT cut output through March. The output cut adds to previous signs that US production could be impacted this year by the low prices driven by warm weather and high storage levels.

    • US Natgas APR 24 down -0.9% at 1.9$/mmbtu
    • US Natgas SEP 24 down -0.6% at 2.61$/mmbtu
    • US Natgas MAR 25 down -0.5% at 3.29$/mmbtu
  • US domestic natural gas production was yesterday at 101.0bcf/d according to Bloomberg after seeing a steady decline from around 105bcf/d on Feb.7. Uncertainty over the strength of US producer output this year has helped support Henry Hub prices after falling to a low in mid February.
  • Feedgas flows to US LNG export terminals are today down to 12.8bcf/d according to Bloomberg with a 0.7bcf/d drop in Sabine Pass supply from yesterday adding to the curtailed Freeport flows.
  • Lower 48 natural gas demand is estimated at 77.0bcf/d today to remain below the seasonal five year average of around 86bcf/d. The two week US weather forecast has turned slightly warmer with above or at normal temperatures now showing across most of the country in the 6-14 day period.
  • Export flows to Mexico are down to 3.8bcf/d from over 6bcf/d last week according to Bloomberg.
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