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Henry Hub Trends Lower

NATURAL GAS

US Henry Hub front month is trending slightly lower, reversing earlier gains, amid stable LNG export flows and a more mixed weather forecast. The wider global gas complex has seen some pressure from the cancellation of strike action at Australian LNG facilities.

  • TTF NOV 23 up 4% at 50.83€/MWh
  • TTF Q1 24 up 4% at 56.75€/MWh
  • US domestic natural gas production was yesterday estimated at 103.5bcf/d according to Bloomberg after reaching a record high of 104bcf/d on 16 Oct and compared to approximately 99.5bcf/d this time last year.
  • Natural gas deliveries to US LNG export facilities are still holding near the highest since April at 14.3bcf/d today according to Bloomberg compared to flows below 13bcf/d earlier this month.
  • US domestic natural gas demand is back down near to the seasonal five year average at 68.2bcf/d today according to Bloomberg with a mixed weather forecast for the coming two weeks. Near term below normal temperatures on the East Coast are expected to turn above normal in the next week with a band of warmer weather moving across from the West. The West coast in then expected to see cooler weather from early next week.
  • Export flows to Mexico are slightly higher at a recent dip at around 6.45bcf/d today.

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