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NATGAS: Henry Hub Extends Decline Amid Stable Supplies and Healthy Storage

NATGAS

Henry Hub is extending the recent trend lower after falling yesterday to the lowest since July 29 at $1.875/mmbtu. Stable supplies and healthy gas storage levels are weighing on markets ahead of a typical seasonal dip in consumption before the winter heating season.

  • Domestic natural gas demand is relatively unchanged on the day at 80.4bcf/d compared to the seasonal normal of around 71bcf/d, according to Bloomberg. Lower 48 temperatures are still forecast to hold above normal through the end of the month but could briefly dip back near to normal around Sept. 3. The NOAA 6-14 day forecast shows above normal temperatures in the west and on the Gulf Coast but with cooler weather towards central and east coast areas. 
  • US domestic natural gas production was the highest since Aug 5 at 102.7bcf/d yesterday, according to Bloomberg, to hold just above levels seen this time last year.
  • US LNG export terminal feedgas flows are estimated at 12.80bcf/d today, according to Bloomberg in line with the average so far in August.
  • Export flows to Mexico are today estimated up to 7.0bcf/d, according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was at 490k on Aug 27.
    • US Natgas SEP 24 down 1.2% at 1.88$/mmbtu
    • US Natgas FEB 25 down 0.8% at 3.2$/mmbtu
    • US Natgas AUG 25 down 1.4% at 3.18$/mmbtu
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