Henry Hub Rallies Ahead of EIA Storage Data

US Henry Hub is extending the gains from yesterday following the return of Sabine Pass LNG feedgas flows yesterday and with a slight dip in domestic production as the October contract expired.

• US Natgas NOV 23 up 1.5% at 2.94$/mmbtu
• US Natgas APR 24 up 0.5% at 2.98$/mmbtu
• US Natgas OCT 24 up 0.1% at 3.35$/mmbtu
• The latest EIA weekly gas inventories for the week ending 22 Sep will be released this afternoon at 15:30BST. The expectation is for a build of +89bcf according to a Bloomberg survey compared to a build of +64bcf last week and the seasonal normal of +79bcf.
• Natural gas deliveries to US LNG export terminals are today unchanged from yesterday at 12.05bcf/d according to Bloomberg. Flows to Corpus Christi are still about 0.6bcf/d below normal and Cove Point is halted for maintenance.
• Domestic natural gas consumption is holding above the five year average with today estimated at 66.9bcf/d compared to the seasonal normal of around 63bcf/d. The latest NOAA two week outlook shows little changed from yesterday with above normal still expected in central and eastern areas but below normal temperatures in the west throughout the forecast.
• US domestic natural gas production is slightly lower at 100.9cf/d after drifting down from 102bcf/d on 25 Sep according to Bloomberg.
• Export flows to Mexico are today estimated high at 7.15bcf/d.