Henry Hub Steady After Gains on Storage Draw Yesterday

Henry Hub holds steady after gains yesterday following the larger than expected decline in US natural gas storage and with mixed weather expected across the US.

• US Natgas FEB 24 down -0.4% at 2.55$/mmbtu
• US Natgas JUL 24 up 0.1% at 2.68$/mmbtu
• US Natgas JAN 25 up 0.3% at 3.81$/mmbtu
• The EIA weekly gas inventories for the week ending Dec 22 showed a draw of -87bcf compared to the seasonal normal draw of -87bcf. The total US inventories remain well above season normal levels at 3,490bcf compared to the average of 3,205bcf.
• Gas supplies to US LNG export terminals are relatively unchanged on the day at 14.38bcf/d today according to Bloomberg with feedgas flows to Corpus Christi still below normal.
• Lower 48 natural gas demand is up again to 91.85bcf/d according to Bloomberg to hold above the seasonal normal. The current warm temperatures are expected to cool slightly into January with below normal temperatures in southern areas in the 6-10 day period but above normal holding on in the far north.
• US natural gas production is steady at 105.45bcf/d according to Bloomberg and in line with the average from the previous week to hold just below the record levels of 106.45bcf/d seen earlier in December.
• Export flows to Mexico are today at 5.74bcf/d according to Bloomberg.