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Henry Hub Stable Ahead of EIA Gas Storage Data

NATGAS

Henry Hub front month holds steady ahead of the updated weekly EIA storage data. A mixed weather forecast is set against steady US production and ongoing curtailment to US LNG export terminal feedgas flows.

  • The EIA weekly gas inventories for the week ending Jun 28 will be released today at 12:00 ET (17:00BST), a day early due to the US holiday tomorrow. The expectation is for a build of 29bcf according to a Bloomberg survey following a build of 52bcf the previous week. The seasonal normal is a build of around 79bcf.
  • US domestic natural gas production was yesterday holding relatively steady at 101.85bcf/d, according to Bloomberg, compared to a recent high of 102.3bcf/d on June 24.
  • US LNG export terminal feedgas flows are today estimated at 12.3bcf/d, according to Bloomberg. A drop in Corpus Christi supply has offset a partial recovery in flows to Sabine Pass, with Freeport and Cameron also higher on the day
  • Domestic natural gas demand is today up to 76.2bcf/d today according to Bloomberg. The latest NOAA forecast has turned cooler for central areas, but strongly above normal temperatures are still expected in western regions in the 6-10 day period.
  • Export flows to Mexico have recovered slightly to 6.56bcf/d according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was 447k on July 2.
    • US Natgas AUG 24 up 0.3% at 2.44$/mmbtu
    • US Natgas JAN 25 up 0.2% at 3.74$/mmbtu
    • US Natgas JUL 25 unchanged at 3.39$/mmbtu
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