June 06, 2024 16:56 GMT
Henry Hub Relinquishes Earlier Gains
NATGAS
US Henry Hub has reversed its earlier gains to move rangebound after a larger than expected natural gas storage injection in the latest EIA data. Prior to the data release, Henry Hub had been supported by warmer weather forecasts expected to boost cooling demand.
- US Natgas JUL 24 up 0% at 2.76$/mmbtu
- US Natgas DEC 24 down 0.1% at 3.64$/mmbtu
- The EIA weekly gas inventories for the week ending May 31 showed an injection of 98bcf compared to the expectation for an injection of 92bcf according to a Bloomberg survey and the seasonal normal injection of 105bcf.
- US storage inventories continue to hold a strong surplus with total stocks at 2,893bcf compared to the previous five-year average of 2,312bcf.
- Domestic natural gas demand is holding above the seasonal five year average at 67.9bcf/d according to Bloomberg.
- The latest NOAA forecast is slightly warmer in the 8-14 days period with above normal temperatures now expected across most of the US replacing the below normal in eastern areas in the 6-10 day period
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