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Natgas Falls After Storage Build Amid Mixed Weather and LNG Flow Dip

NATGAS

US Henry Hub front month is again down on the day but still above the low of 3.225$/mmbtu from 11 Oct amid a mixed weather forecast and with storage supplies still well above normal despite a slowly declining surplus.

    • US Natgas NOV 23 down -2% at 3.28$/mmbtu
    • US Natgas APR 24 down -0.4% at 3.27$/mmbtu
    • US Natgas OCT 24 up 0.1% at 3.6$/mmbtu
  • The latest EIA weekly gas inventories for the week ending 6 Oct showed a slightly smaller than expected build of +84bcf compared to the five-year average for this time of year of +101bcf. The total US inventories surplus has closed slightly again this week, but stocks are still above normal at 3,529bcf compared to the average of 3,344bcf.
  • Natural gas deliveries to US LNG export facilities are today estimated at 13.68bcf/d according to Bloomberg driven by a dip in supply to Sabine Pass and Cameron after reaching the highest since April at 14.0bcf/d yesterday.
  • US domestic natural gas demand is just above the seasonal five year average at 67.9bcf/d today according to Bloomberg ahead of the normal increase into the winter heating season. Cold weather expected in eastern areas in the coming days is forecast to warm back towards normal from mid next week as warm weather in the west spreads across the country.
  • US domestic natural gas production is today estimated slightly higher up to 101.95bcf/d according to Bloomberg.
  • Export flows to Mexico are today slightly lower at 6.7bcf/d.
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