May 31, 2024 17:48 GMT
Henry Hub Recovers Losses
NATGAS
Henry Hub front month has regained ground to be rangebound on the day. The market is weighing lower production levels and a depressed US rig count against slightly weaker LNG export flows and milder weather in the Midwest.
- US Natgas JUL 24 down 0% at 2.57$/mmbtu
- US Natgas DEC 24 up 1.3% at 3.57$/mmbtu
- Baker Hughes data showed that the US gas rig count was up 1 on the week to 100, but down 37 rigs, or 27% on the year.
- Gas rigs fell by five across May, first time the rig count has declined for three consecutive months since July 2020, Reuters noted.
- The NOAA 6–14-day forecast shows continued above normal temperatures across the western US, although a further expanded region of below normal temperatures across the Midwest and east coast.
- Lower 48 natural gas production is down today at 99.376 bcf/d, compared to 99.744 bcf/d the previous day.
- Natural gas deliveries to US LNG terminals are at 13.619bcf/d today May 31, down from 13.745bcf/d yesterday.
- Domestic natural gas demand is at 66.65 bcf/d/d according to Bloomberg, slightly up on the day.
- Export flows to Mexico are down today at around 6.592 bcf/d.
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