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Henry Hub Slumps

NATURAL GAS

Henry Hub has slumped in US hours to its lowest level since March 1, as EIA data showed a US stock draw well below the seasonal norm. Below average demand and curtailed LNG feedgas flows will add further downside.

  • The EIA weekly gas inventories for the week ending 1 March showed a draw of -40bcf compared to the expectation for a draw of -37bcf according to a Bloomberg survey and the seasonal normal draw of -139bcf.
  • Total stocks are at 2,334bcf compared to the previous five-year average of 1,783cf.
  • US domestic natural gas production is at 99.6bcf/d today and in line with output seen this time last year according to Bloomberg.
  • Lower 48 natural gas demand is at 79.0bcf/d today to remain just below the previous seasonal five-year average.
  • Feedgas flows to US LNG export terminals are still curtailed today at about 13.7bcf/d according to Bloomberg.
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