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Henry Hub Tapers Losses After Inventory Build

NATGAS

US Henry Hub front month continues to be softer day on day, although has tapered its earlier losses which were driven by EIA data showing another inventory build.

  • US Natgas JUL 24 down 2.3% at 2.98$/mmbtu
  • US Natgas DEC 24 down 1.5% at 3.84$/mmbtu
  • The EIA weekly gas inventories for the week ending June 7 showed an injection of 74 bcf compared to the expectation for an injection of 73bcf according to a Bloomberg survey and the seasonal normal injection of 89 bcf.
  • US storage inventories continue to hold a strong surplus with total stocks at 2,974 bcf compared to the previous five-year average of 2,401bcf
  • US domestic natural gas production was yesterday at 99.5bcf/d according to Bloomberg compared to an average of 99.7bcf/d so far in June.
  • Domestic natural gas demand is today estimated at 69.4bcf/d according to Bloomberg. The NOAA forecast is again relatively unchanged on the day with above normal temperatures expected across most of the US throughout the 6-14 day period.
  • US terminal feedgas flows are today at 12.93bcf/d according to Bloomberg with Sabine Pass flows still holding below normal around 4.1bcf/d.
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