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Henry Hub Steady After Decline Following EIA Storage Build Yesterday

NATGAS

Henry Hub is holding steady after a drop yesterday after EIA showed a larger than normal US natural gas storage net injection last week and despite ongoing curtailment of LNG export feedgas flows.

    • US Natgas MAY 24 unchanged at 1.76$/mmbtu
    • US Natgas OCT 24 up 0.1% at 2.52$/mmbtu
    • US Natgas APR 25 up 0.1% at 3.04$/mmbtu
  • The EIA weekly gas inventories for the week ending Apr. 5 showed a larger than expected injection of 24bcf compared to the seasonal normal injection of 11bcf. US storage inventories continue to hold a strong surplus with total stocks at 2,283bcf compared to the previous five year average of 1,643bcf.
  • Feedgas flow to US LNG export terminals are today estimated down again to 12.08bcf/d according to Bloomberg with Freeport flows down at just 0.12bcf/d compared to full capacity of over 2bcf/d.
  • Lower 48 natural gas demand has edged very slightly higher during this week up to 69.0bcf/d today according to Bloomberg but remains near normal levels. The latest 6-14 day forecast for lower 48 is slightly cooler but above normal temperatures are still expected in the east and on the Gulf Coast next week but with below normal in the Rocky Mountain region.
  • US domestic natural gas production was yesterday estimated at 99.2bcf/d according to Bloomberg compared to an average of 100.65bcf/d in April to date.
  • Export flows to Mexico are today steady at 6.67bcf/d according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was up at the highest since late Feb. at 637k yesterday.
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