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NATGAS: Henry Hub Continues Climb

NATGAS
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Henry Hub is edging to a new intraday high on thin volume due to the US Thanksgiving holiday. This is rebounding some of the steeper losses from yesterday after a small US gas storage draw as expected in EIA data.

  • US Natgas JAN 25 up 2.2% at 3.28$/mmbtu
  • US Natgas JUN 25 up 1% at 3.12$/mmbtu
  • The EIA weekly gas inventories for the week ending Nov. 22 showed a withdrawal of 2bcf compared to the previous five-year average of around 30bcf. Total stocks are at 3,967bcf compared to the previous five-year average of 3,700bcf and 134bcf above levels seen a year ago.
  • Lower 48 natural gas demand is holding just above normal at 88.0bcf/d today, according to Bloomberg. Weather forecasts suggest a mixed picture with NOAA 6-14 showing above normal in the west spreading across the US but with below normal temperatures still on the East Coast.
  • US LNG export terminal feedgas supply is estimated up on the day to 13.73bcf/d today, BNEF shows with a slight recovery in Freeport and higher Sabine Pass supplies.
  • US domestic natural gas production was estimated almost unchanged on the day up at 104.3cf/d yesterday according to Bloomberg. Output has seen a gradually recovery since early November up to the highest since early August.
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Henry Hub is edging to a new intraday high on thin volume due to the US Thanksgiving holiday. This is rebounding some of the steeper losses from yesterday after a small US gas storage draw as expected in EIA data.

  • US Natgas JAN 25 up 2.2% at 3.28$/mmbtu
  • US Natgas JUN 25 up 1% at 3.12$/mmbtu
  • The EIA weekly gas inventories for the week ending Nov. 22 showed a withdrawal of 2bcf compared to the previous five-year average of around 30bcf. Total stocks are at 3,967bcf compared to the previous five-year average of 3,700bcf and 134bcf above levels seen a year ago.
  • Lower 48 natural gas demand is holding just above normal at 88.0bcf/d today, according to Bloomberg. Weather forecasts suggest a mixed picture with NOAA 6-14 showing above normal in the west spreading across the US but with below normal temperatures still on the East Coast.
  • US LNG export terminal feedgas supply is estimated up on the day to 13.73bcf/d today, BNEF shows with a slight recovery in Freeport and higher Sabine Pass supplies.
  • US domestic natural gas production was estimated almost unchanged on the day up at 104.3cf/d yesterday according to Bloomberg. Output has seen a gradually recovery since early November up to the highest since early August.