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Henry Hub Slides Further

NATGAS

Henry Hub has hit new intraday lows, falling to its lowest level since May 17.

  • US Natgas JUN 24 down 3.5% at 2.56$/mmbtu
  • US Natgas NOV 24 down 2.2% at 3.21$/mmbtu
  • Bloomberg attributed today’s sell off by noting that Henry Hub had been slightly overbought during its recent rise throughout May.
  • While injection levels had been below expectations, the surplus is still above the five-year
  • EIA data for the week to May 17 showed an injection of 78bcf compared to expectations of +85bcf the seasonal normal of +90bcf.
  • US storage inventories continue to hold a strong surplus with total stocks at 2,711bcf. The five-year average is 2,105bcf.
  • US domestic natural gas production was yesterday stable at 100.1bcf/d according to Bloomberg.
  • US terminal feedgas flows are today estimated at 12.93bcf/d according to Bloomberg.
  • Domestic natural gas demand is today at 66.65bcf/d according to Bloomberg.
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