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Henry Hub Tapers Losses

NATGAS

Henry Hub front month has tapered its losses, rebounding from an intraday low of $2.644/MMBtu. Lower production levels year on year and recovering LNG feedgas supplies are likely to cap any downside.

  • US Natgas JUN 24 down 1.2% at 2.72$/mmbtu
  • US Natgas NOV 24 unchanged at 3.22$/mmbtu
  • US domestic natural gas production was yesterday estimated at 99.9bcf/d according to Bloomberg, in line with the average so far in May but below average output of 101bcf/d in May 2023.
  • US terminal feedgas flows have today recovered to 13.07bcf/d according to Bloomberg with Corpus Christi back to near normal levels after a dip yesterday. Flows to Sabine Pass and Cameron are still curtailed.
  • Domestic natural gas demand is today at 68.2bcf/d according to Bloomberg compared to the seasonal normal of just over 62bcf/d.
  • The latest 6–14-day NOAA forecast has turned slightly warmer with above normal temperatures expected on the Gulf Coast and near normal or just above normal expected elsewhere.
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