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Henry Hub Supported by Larger than Expected US Storage Draw


US Henry Hub is stronger in reaction to a larger than expected draw in US gas storage inventories according to the latest EIA data.

  • The EIA weekly gas inventories for the week ending Mar. 8 showed a draw of 9bcf compared to the expectation for a draw of 2bcf according to a Bloomberg survey and the seasonal normal draw of -99bcf.
  • The smaller than normal draw is driven by the recent warm weather and is maintaining a strong US inventory surplus towards the end of the winter heating season. Total stocks are at 2,325bcf compared to the previous five year average of 1,688bcf.
    • US Natgas APR 24 up 2.3% at 1.7$/mmbtu
    • US Natgas SEP 24 up 1.4% at 2.51$/mmbtu
    • US Natgas MAR 25 up 0.5% at 3.22$/mmbtu

Source: EIA

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