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Henry Hub Upside Limited by Production Recovery and Curtailed LNG Flows

NATGAS

Henry Hub holds steady after a recovery yesterday from a low of $2.635/mmbtu. An ongoing recovery in production and curtailed LNG export terminal feedgas flows are limiting upside pressure from warm weather across much of the US.

  • US domestic natural gas production has edged higher again up to 101.9bcf/d and the highest since late March according to Bloomberg. Output reached a low of 97.75bcf/d on April 23.
  • US LNG export terminal feedgas flows are today down at 11.95bcf/d, according to Bloomberg. Flows to Corpus Christi have dropped 0.75bcf/d since yesterday while Sabine Pass LNG supplies also remain below normal.
  • Domestic natural gas demand is unchanged on the day and still well above normal at 76.5bcf/d according to Bloomberg. The latest NOAA weather forecast shows above normal temperatures expected across much of the US in the 6-14 day period although northern areas are near or even slightly below normal.
  • Export flows to Mexico are at today estimated at 6.5bcf/d according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was 401k on June 24.
  • US Natgas JUL 24 down 0.4% at 2.8$/mmbtu
  • US Natgas DEC 24 down 0.7% at 3.76$/mmbtu
  • US Natgas JUN 25 down 1.2% at 3.27$/mmbtu
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