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NATGAS: Henry Hub Extends Gains Amid Global Gas Market Rally

NATGAS

Henry Hub front month is extending the rally from last week with stronger global gas markets due to Ukraine and Middle East supply risks.  A dip in production since Aug 5 and another below average storage build last week have added to upside pressure.

  • US domestic natural gas production was relatively unchanged from late last week at 101.5bcf/d yesterday according to Bloomberg but holding below an average of 103.9bcf/d in the first five days of the month.
  • US LNG export terminal feedgas flows are today similar to last week at 12.70bcf/d according to Bloomberg compared to an average of 12.8bcf/d so far in Aug with Sabine Pass flows about 0.55bcf/d below the highs from last month.
  • Domestic lower 48 natural gas demand is back near to seasonal normal levels at 75.0bcf/d today, according to Bloomberg. The NOAA 6-14 day forecast still shows above normal temperatures in central and Gulf Coast areas through the period but with closer to normal expected on both east and west coasts.
  • Export flows to Mexico are today at 6.5bcf/d according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was down slightly to 505k on Aug 9.
    • US Natgas SEP 24 up 4.5% at 2.24$/mmbtu
    • US Natgas FEB 25 up 1.8% at 3.51$/mmbtu
    • US Natgas AUG 25 up 1.1% at 3.37$/mmbtu
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