Henry Hub Rallies on Day

US Henry Hub front month has maintained its rally today and is on track for a weekly gain of around 12%.

• US Natgas JUL 24 up 3.1% at 2.91$/mmbtu
• US Natgas DEC 24 up 1.6% at 3.73$/mmbtu
• Warmer weather forecast, lower production, and higher flows to Mexico are offsetting the ongoing curtailment to US LNG export feedgas flows and the larger than expected storage injections shown yesterday.
• The EIA weekly gas inventories for the week ending May 31 showed a larger than expected injection of 98bcf compared to a Bloomberg survey of 92bcf and the seasonal normal injection of 105bcf.
• Domestic natural gas demand has edged slightly lower but remain above the previous five-year average at 67.1bcf/d today according to Bloomberg.
• The latest NOAA forecast has again shifted slightly warmer with above normal temperatures now expected across much of the country throughout the 6–14-day period as a potential boost to cooling demand.
• US domestic natural gas production was yesterday down slightly to 98.8bcf/d according to Bloomberg.
• US terminal feedgas flows are today at 13.11bcf/d according to Bloomberg.
• Export flows to Mexico are holding above the five-year range high at 7.03bcf/d today according to Bloomberg.