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Henry Hub Rebounds After Earlier Losses

NATURAL GAS

US Henry Hub front month has reversed earlier losses to be trading higher on the day, supported by declines in the natural gas storage surplus towards the end of the injection season. Expectations of cooling temperatures this week after recent hot weather across the US should boost cooling demand and limit injections.

  • US Natgas OCT 23 up 0.9% at 2.63$/mmbtu
  • Feedgas delivery flows to US LNG export terminals are today down at 11.7bcf/d due to a significant drop in supply to Freeport LNG over the weekend. Freeport feedgas is estimated down to 0.27bcf/d yesterday and 0.59bcf/d today from nearly 1.92bcf/d for much of last week according to Bloomberg data. Total supply was last week mostly over 13bcf/d last week.
  • The latest two week NOAA forecast is showing at or below normal temperatures in the next week for central and eastern areas but above normal in the west. The second week of the outlook again turns to slightly above normal across most of the country. Lower 48 dry gas consumption has today fallen to 70.5bcf/d but still just above the previous five year average.
  • US domestic natural gas production was yesterday relatively unchanged from late last week at 101.3bcf/d according to Bloomberg although still below an average of around 102.4bcf/d in early August.
  • Export flows to Mexico are today estimated at 6.7bcf/d.
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