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NATGAS: Henry Hub Eases Back from High of $2.27/mmbtu Amid Freeport Return

NATGAS

Henry Hub front month is edging lower after a recovery to a high of $2.27/mmbtu on July 22. Steady production and healthy storage levels are limiting upside driven by the gradual return of Freeport LNG from outage.

  • US LNG export terminal feedgas flows are today up to 12.49bcf/d according to Bloomberg with Freeport supply up to nearly two third of capacity, showing as 1.44bcf/d yesterday and 1.28bcf/d today.
  • US domestic natural gas production is holding steady at 102.4bcf/d today and in line with the average of 102.3bcf/d seen so far in July. 
  • Domestic lower 48 natural gas demand is today estimated at 77.5bcf/d according to Bloomberg. The US weather forecast has again shifted slightly warmer since yesterday with at or above normal temperatures now expected across most of the US throughout the 6-14 NOAA forecast. 
  • Export flows to Mexico are today at 7.16bcf/d according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was at 472k on July 22.
    • US Natgas AUG 24 down 1.7% at 2.21$/mmbtu
    • US Natgas JAN 25 down 0.6% at 3.67$/mmbtu
    • US Natgas JUL 25 down 0.3% at 3.33$/mmbtu
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