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Henry Hub Regains Ground on Colder Weather

NATURAL GAS

Henry Hub has reversed earlier losses and has moved into positive territory on the day.

  • US Natgas FEB 24 up 0.3% at 2.83$/mmbtu
  • US Natgas JUL 24 up 0.5% at 2.84$/mmbtu
  • Revised down weather forecasts with below normal temperatures in the centre and West are offsetting the lower-than-expected gas storage draw.
  • The EIA weekly gas inventories for the week ending Dec 29 showed a below expected draw of -14bcf compared to the seasonal normal draw of -110bcf. The total US inventories remain well above season normal levels at 3,476bcf compared to the average of 3,095bcf.
  • Domestic natural gas demand is up again to 103.7bcf/d according to Bloomberg compared to the five-year average of around 93bcf/d.
  • Below normal temperatures are forecast to spread across the US with the 8-14 day NOAA forecast showing below normal for most of the country.
  • Feedgas supplies to US LNG export terminals are still strong and NOAAoday estimated at 14.9bcf/d according to Bloomberg.
Energy BulletsCommodities
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