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Henry Hub Stable Ahead of Updated US Storage Data

NATGAS

US Henry Hub front month holds relatively steady today after the gains seen over the last week amid strong demand and ahead of the updated US inventory data later today. The surplus in total US inventories has narrowed slightly in recent weeks and is expected to continue that trend in data released today.

    • US Natgas OCT 23 up 0.1% at 2.8$/mmbtu
    • US Natgas MAR 24 up 0.5% at 3.44$/mmbtu
    • US Natgas SEP 24 down 0% at 3.35$/mmbtu
  • The latest EIA weekly gas inventories for the week ending 25 Aug will be released this afternoon at 10:30 ET (15:30BST). The expectation is for a build of +27bcf according to a Bloomberg survey compared to a build of +18bcf last week and the seasonal normal of +53bcf.
  • Lower 48 dry gas consumption is today edging lower to 70.9bcf/d in line with the seasonal trend and therefore still above normal according to Bloomberg. The latest two week NOAA forecast shows strongly above normal temperatures across much of the US throughout the coming two week forecast period with just the West Coast hanging on the near normal.
  • US domestic natural gas production was yesterday estimated at 101.7bcf/d with the average for August 2023 at 101.4bcf/d compared to 98.0bcf/d in August 2022 according to Bloomberg.
  • Feedgas flows to LNG export terminals are today relatively unchanged at 12.7bcf/d compared to an average of 12.2bcf/d seen in the last 30 days.
  • Export flows to Mexico are still well above normal at nearly 7.2bcf/d today.
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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