Henry Hub Rebounds to Rise on the Day

Henry Hub has recouped earlier losses to be trading higher on the day, supported by an expectation of rising cooling demand in the coming week. This should stem the pullback in front month since June 11.

• US Natgas JUL 24 up 1.9% at 2.76$/mmbtu
• US Natgas DEC 24 up 0.9% at 3.76$/mmbtu
• The NOAA 6–14-day weather forecast still shows above normal temperatures are expected across much of the US.
• US cooling demand for the week ending June 29 is forecast to be 24 cooling degree days (CDD) above the long-term normal, according to Bloomberg, citing the NOAA.
• US domestic natural gas production is today at 101.0bcf/d according to Bloomberg down slightly from 101.7bcf/d over the weekend which was the highest since late March.
• US natural gas storage is forecast to have risen in the week to June 21 by 32 bcf to 55 bcf, according to a Reuters poll of four analysts. This is below the five-year average of 86 bcf.
• US LNG export terminal feedgas flows are today at 12.84bcf/d, according to Bloomberg, with Sabine Pass LNG supplies still below normal at 4.02bcf/d.
• Domestic natural gas demand remains well above normal with today estimated at 76.4bcf/d according to Bloomberg.