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Henry Hub Rises on Drop in Production and Higher LNG Export Flows

NATGAS

Henry Hub is extending gains to the highest since March 7 supported by low domestic production and a recovery in LNG export flows.

    • US Natgas MAY 24 up 2.7% at 1.92$/mmbtu
    • US Natgas OCT 24 up 1.1% at 2.59$/mmbtu
    • US Natgas APR 25 up 0.6% at 3.02$/mmbtu
  • US domestic natural gas production was yesterday estimated down at 99.3bcf/d according to Bloomberg compared to an average of 101.2bcf/d in the first week of April. The decline is driven by drops from the Appalachia, Permian and Haynesville regions.
  • Feedgas flow to US LNG export terminals are today estimated up to 13.44bcf/d with Freeport LNG feedgas flows up 0.4bcf/d on the day to 1.51bcf/d. Sabine Pass and Calcasieu Pass flows were also slightly higher on the day.
  • Lower 48 natural gas demand is just above seasonal normal levels at 69.2bcf/d today according to Bloomberg. The weather forecast for the Midwest, South and East is trending warmer in the 6-10 day period although western areas remain slightly below normal. The 8-14 day period is showing temperatures across most of the US holding slightly above normal.
  • Export flows to Mexico are today at 6.65bcf/d according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was above normal at 537k yesterday.
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