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Henry Hub Rises To Over 2-Week High

NATURAL GAS

US Henry Hub is extending yesterday’s gains following a smaller-than-expected build in US gas inventories and higher feedgas flows to US export terminals with the front month on track for a 15.5% week-on-week net increase. This is despite an upward revision in temperatures throughout the US, while demand currently is below the seasonal norm.

    • US Natgas NOV 23 up 4.5% at 3.36$/mmbtu
    • US Natgas APR 24 up 2% at 3.2$/mmbtu
    • US Natgas OCT 24 up 1.1% at 3.49$/mmbtu
  • Domestic natural gas production yesterday fell to 102.68bcf/d from 103bcf/d the day before but remained well above the seasonal average.
  • US natural gas demand is estimated lower today below the five-year range 65.72bcf/d, from 65.86bf/d yesterday. The latest 6-10 days weather forecast shows an upward revision in temperatures throughout the US, with above average weather in Western US, while Eastern US temperatures are leaning towards below the seasonal norm.
  • Feedgas deliveries to US LNG export facilities rose on the day to 13.81bcf/d, up from 13.53bcf/d the day before and above the 30-day moving average of 13.44bcf/d. Flows to Sabine Pass increased to 4.49bcf/d, from 4.35bcf/d on Thursday.
  • Export flows to Mexico are today estimated at 6.93bcf/d.
  • The latest EIA weekly gas inventories for the week ending 13 October showed a build of +74bc, compared to a Bloomberg survey expecting +80.27bcf and the five-year average for time of year of +66bcf. The total US inventories remain above normal at 3,700bcf as of 20 October, compared with the five-year normal at 3,517bcf.
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