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Henry Hub Steady with Record Production Set Against Strong LNG Feedgas

NATGAS

US Henry Hub is holding steady with strong production and easing domestic demand set against strong LNG export demand after an expected storage build yesterday.

    • US Natgas DEC 23 up 0.4% at 3.49$/mmbtu
    • US Natgas MAY 24 up 0.6% at 3.28$/mmbtu
    • US Natgas NOV 24 up 0.6% at 3.93$/mmbtu
  • The latest EIA weekly gas inventories for the week ending 27 Oct showed a build of +79bcf compared to the five-year average for this time of year of +72bcf. The total US inventories remain above normal at 3,779bcf compared to the average of 3,568bcf.
  • Domestic natural gas production yesterday reached a new record of 104.8bcf/d according to Bloomberg compared to an average of 102.7bcf/d see throughout October.
  • US natural gas demand is down closer to normal to 78.8bcf/d today according to Bloomberg from a recent peak of 93bcd/d on 1 Nov as warm weather spreads across the country this weekend. The latest NOAA forecast is showing above normal temperatures in southern areas in the 6-10 day period with near normal in the north while above normal is seen across the country later in the two week outlook.
  • Feedgas delivery flows to US LNG export facilities remain strong with today estimated at 14.56bcf/d according to Bloomberg compared to the recent high of 14.73 on 1 Nov.
  • Export flows to Mexico are today back up slightly from 5.25bcf/d yesterday to 5.61bcf/d.
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