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NATGAS: Henry Hub Erases Earlier Gains

NATGAS
Energy BulletsBulletPower BulletsCommodities

Henry Hub is erasing most of yesterday’s gains and is now losing ground on the day. Despite fears of disrupted production in the Gulf of Mexico due to Tropical Storm Raphael, expectations of higher-than-average inventory builds last week, and milder weather forecasts are adding pressure.

  • US Natgas DEC 24 down 2.8% at 2.7$/mmbtu
  • US Natgas MAY 25 down 1.5% at 2.7$/mmbtu
  • Tropical Storm Rafael is expected to intensify into a category 2 hurricane as it tracks towards the US Gulf of Mexico this week. Natural gas production could be impacted between 4.56 billion and 6.39 billion cubic feet, according to energy analytics firm Earth Science Associates cited by Reuters. Bloomberg said that the current trajectory threatens 1.8 bcf/d of gas production.
  • US domestic natural gas production was at 101.3bcf/d yesterday, according to Bloomberg, compared to as high as 103.6bcf/d in late October.
  • Lower 48 natural gas demand is estimated almost unchanged on the day and still near the seasonal normal at 73.9bcf/d today, according to Bloomberg. The NOAA 6-14 day outlook shows above normal temperatures in eastern areas of the U.S. but slightly below normal in the west.
  • US LNG export terminal feedgas supply is estimated back up to 13.55bcf/d today, BNEF shows, recovering from a low of 10.55bcf/d on Nov. 3 as Freeport LNG trains were restarted following a power interruption on Nov. 1.
  • A Reuters survey estimates that natural gas inventories rose 62 bcf in the week to Nov. 1, compared to the five-year average of +32 bcf.
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Henry Hub is erasing most of yesterday’s gains and is now losing ground on the day. Despite fears of disrupted production in the Gulf of Mexico due to Tropical Storm Raphael, expectations of higher-than-average inventory builds last week, and milder weather forecasts are adding pressure.

  • US Natgas DEC 24 down 2.8% at 2.7$/mmbtu
  • US Natgas MAY 25 down 1.5% at 2.7$/mmbtu
  • Tropical Storm Rafael is expected to intensify into a category 2 hurricane as it tracks towards the US Gulf of Mexico this week. Natural gas production could be impacted between 4.56 billion and 6.39 billion cubic feet, according to energy analytics firm Earth Science Associates cited by Reuters. Bloomberg said that the current trajectory threatens 1.8 bcf/d of gas production.
  • US domestic natural gas production was at 101.3bcf/d yesterday, according to Bloomberg, compared to as high as 103.6bcf/d in late October.
  • Lower 48 natural gas demand is estimated almost unchanged on the day and still near the seasonal normal at 73.9bcf/d today, according to Bloomberg. The NOAA 6-14 day outlook shows above normal temperatures in eastern areas of the U.S. but slightly below normal in the west.
  • US LNG export terminal feedgas supply is estimated back up to 13.55bcf/d today, BNEF shows, recovering from a low of 10.55bcf/d on Nov. 3 as Freeport LNG trains were restarted following a power interruption on Nov. 1.
  • A Reuters survey estimates that natural gas inventories rose 62 bcf in the week to Nov. 1, compared to the five-year average of +32 bcf.