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Henry Hub Reverses Earlier Gains

NATGAS

Henry Hub reversed its earlier gains to be trading lower on the day, with pressure from a softening in European hub prices. A clear timeline for the Norwegian gas facility repairs has helped to eased upside pressure on European prices today.

  • US Natgas JUL 24 down 3.1% at 2.67$/mmbtu
  • US Natgas DEC 24 down 1.2% at 3.58$/mmbtu
  • US domestic natural gas production was yesterday at 99.6bcf/d according to Bloomberg, down slightly from the average of 99.9bcf/d over the previous week.
  • US terminal feedgas flows are stable at 13.06bcf/d according to Bloomberg with Sabine Pass supply still about 0.8bcf/d below highs from earlier this year.
  • Domestic natural gas demand is today estimated above the previous five-year range up at 69.2bcf/d according to Bloomberg and compared to the previous five year average of around 64bcf/d.
  • The latest NOAA forecast is unchanged from yesterday with above normal temperatures in western areas and on the Gulf Coast but below normal in the Midwest and Central Atlantic.

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