Henry Hub Regains Ground Following Decline Yesterday

US Natgas edges higher ahead of the updated EIA inventory data later today after dipping yesterday on the back of the wider market concerns from the current financial turmoil. Prices are holding relatively steady following the rally in late February and early March with a gradual increase in LNG exports, moderate demand, steady production, and healthy storage levels.

• US Natgas APR 23 up 2.8% at 2.51$/mmbtu
• The latest EIA weekly gas inventories for the week ending 10 Mar will be released this afternoon at 10:30 ET (14:30GMT). The expectation is for a draw of -62bcf following on from the -84bcf draw last week. The 5-year average for this time of year is -95bcf.
• The latest NOAA weather forecast again shows below normal temperatures in western areas in the 6-14 day period but near normal in central and eastern areas. Lower 48 dry gas consumption is today estimated back down near normal at 80.3bcf/d today according to Bloomberg.
• Pipeline natural gas deliveries to the US LNG export terminals are similar to yesterday at 13.6bcf/d. An increase in supply to Freeport LNG has been offset by a slightly lower supply to Sabine Pass and Cameron.
• US production was estimated above last year’s levels at 99.8bcf/d yesterday but down from over 100bcf/d last week.
• Exports to Mexico are today at 5.8bcf/d according to Bloomberg.