May 21, 2024 16:56 GMT
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.
158 words