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Henry Hub Weighs Warmer Weather and Slow Supply Recovery

NATGAS

Henry Hub is drifting down but holding above the lows from yesterday of 2.311$/mmbtu. Warm weather during the remainder of Jan and healthy storage levels are weighing on prices as production slowly recovers from the disruption due to the severe cold weather last week.

    • US Natgas FEB 24 down -1% at 2.4$/mmbtu
    • US Natgas JUL 24 up 0.4% at 2.55$/mmbtu
    • US Natgas JAN 25 up 0.2% at 3.82$/mmbtu
  • Domestic natural gas demand is back down below the five year average for the first time since Dec 27 with today estimated at 99.2bcf/d according to Bloomberg. The latest US weather forecasts shows above normal temperature across most of the country into the start of Feb although with nearer normal expected on the Gulf Coast.
  • Feedgas supplies to US LNG export terminals continue to gradually rebound up to 14.0bcf/d today but still limited by lower than normal flows to the Freeport LNG terminal.
  • US domestic dry gas production is unchanged on the day at around 101.3bcf/d having recovered slightly from the lows of last week but still below the pre cold levels of over 105bcf/d.
  • Export flows to Mexico is today at about 6.1bcf/d having dipped below 6bcf.d over last weekend.
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