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Henry Hub Recovers From Lowest Since Mid Dec

NATGAS

Henry Hub has seen some support after reaching the lowest since mid Dec earlier this week with support from recovering LNG export flows, the slow recovery in US production from the cold weather disruption and with a slightly cooler temperature forecast.

    • US Natgas FEB 24 up 3.7% at 2.54$/mmbtu
    • US Natgas JUL 24 up 0.5% at 2.62$/mmbtu
    • US Natgas JAN 25 up 0.3% at 3.9$/mmbtu
  • US domestic dry gas production is still slowly recovering up to102.6bcf/d today however is still below levels of over 105bcf/d before the cold weather disruption. North Dakota associated gas production was down 600-750mcf/d according to Bloomberg yesterday.
  • Feedgas supplies to US LNG export terminals have rebound up to 14.0bcf/d but still below levels from early Jan with flows to Freeport and Calcasieu Pass below normal.
  • Domestic natural gas demand has dropped again and below the five year average at 92.7bcf/d according to Bloomberg. The latest US weather forecasts still shows above normal temperatures across most of the country into the start of Feb although with nearer normal expected on the Gulf Coast and the East Coast.
  • Export flows to Mexico is today slightly higher at 6.2bcf/d.
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