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Henry Hub Pulls Back on Soft Demand and Production Recovery

NATGAS

Henry Hub front month is falling today after a surge late on Friday on reports of Yemen’s Houthis hitting an oil tanker in the Gulf of Aden sparking wider supply concerns across the energy complex. Below normal demand and the return of production to levels from early Jan are weighing on prices today.

    • US Natgas FEB 24 down -6.9% at 2.53$/mmbtu
    • US Natgas JUL 24 down -1.6% at 2.58$/mmbtu
    • US Natgas JAN 25 down -0.9% at 3.88$/mmbtu
  • Lower 48 natural gas demand is still below normal despite a small rise over the weekend up to 93.8bcf/d today according to Bloomberg. The US weather forecast shows a mixed picture with cooler weather returning to the East and West Coast regions after the warm weather this week. The NOAA 8-14 day forecast shows above normal in central and eastern areas but below or at normal in the west and on the Gulf Coast.
  • US domestic gas production has returned to the approximate levels seen before the cold weather disruption earlier in January with yesterday estimated at 105.0bcf/d according to Bloomberg.
  • Feedgas supply to US LNG export terminals is today at 14.3bcf/d with flows to Freeport still about 0.6bcf/d below levels seen in early January.
  • Export flows to Mexico are down slightly from last week to 5.97bcf/d today.
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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