Henry Hubs Eases Lower Ahead of Weekly US Storage Data

Henry Hub is edging lower today after gains earlier this week with EIA data due for release today expected to show a larger than normal storage draw but still with a high surplus at the end of the winter season.

• US Natgas MAY 24 down 0.5% at 1.83$/mmbtu
• US Natgas OCT 24 down 1.1% at 2.55$/mmbtu
• US Natgas APR 25 down 0.5% at 2.99$/mmbtu
• The EIA weekly gas inventories for the week ending Mar. 29 will be released this afternoon at 10:30 ET (15:30BST). The expectation is for a draw of 43bcf according to a Bloomberg survey following a draw of 36bcf the previous week. The seasonal normal is a draw of around 14.5bcf.
• US domestic natural gas production recovered to 100.1bcf/d yesterday from 99.5bcf/d the previous day amid higher Haynesville and Appalachia flows.

• Feedgas flow to US LNG export terminals are today estimated at 12.99bcf/d compared to an average over the previous month of 12.96bcf/d.
• Lower 48 natural gas demand has risen today to 84.2bcf/d according to Bloomberg to remain above normal. The latest weather forecast suggests warmer temperatures in the coming days with above normal expected across much of the US in the 6-14 day period. The Gulf Coast region will however hold temperatures closer to normal.
• Export flows to Mexico are today up to 6.3bcf/d according to Bloomberg.
• Nymex Henry Hub daily aggregate traded futures volume was at 354k on Apr. 2.