Henry Hub Ticking Up

US Henry Hub is once again trading up on the day but remains volatile. A higher-than-expected draw in US natural gas storage inventories is likely to remain supportive, although the market did shed most of the post data gains before rebounding.

• US Natgas JAN 24 up 0.9% at 2.59$/mmbtu
• US Natgas JUN 24 up 0.5% at 2.61$/mmbtu
• After the initial spike, the market eased back significantly, but is now regaining some lost ground. The intraday high thus far is $2.608/MMBtu.
• The EIA weekly gas inventories for the week ending Dec 1 showed a draw of -117bcf compared to the expectation for a draw of -109bcf according to a Bloomberg survey.
• The total US inventories remain well above season normal levels at 3,719bcf compared to the average of 3,509bcf.
• Feedgas flows to US LNG export terminals are at 14.6bcf/d according to Bloomberg compared to an average of 14.4bcf/d over the first week of December.
• Natural gas demand has edged down just below normal to 89.5bcf/d today according to Bloomberg.