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NATGAS: Henry Hub Falls Before EIA on Demand Disruption from Hurricane

NATGAS
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Henry Hub front month extends the recent decline as the market weighs power demand disruption from Hurricane Milton and a mixed weather forecast ahead of the updated EIA storage inventories later today.

  • The EIA weekly gas inventories for the week ending Oct. 4 will be released this afternoon at 10:30 ET (15:30BST). The expectation is for a build of 72bcf according to a Bloomberg survey following a build of 55bcf the previous week. The seasonal normal is a build of around 99bcf.
  • Lower 48 natural gas demand remains strong at 71.4bcf/d today, according to Bloomberg compared to a seasonal average of around 64bcf/d. The NOAA 6-10 day forecast shows below normal temperatures in the eastern and Gulf Coast regions but above normal still in the west.  Above normal temperatures return across much of the country in the 8-14 day period.
  • US LNG export terminal feedgas supply is estimated at 12.25bcf/d today, BNEF shows, with Cove Point supply still halted due to maintenance and with another slight dip in Sabine Pass supply.
  • US domestic natural gas production is estimated up at the highest since early September at 101.9bcf/d today, according to Bloomberg, compared to an average of 101.3bcf/d over the previous week.
  • A further recovery in export flows to Mexico is expected today with an estimation up to 6.8bcf/d, according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was 586k on Oct. 9.
    • US Natgas NOV 24 down 2.1% at 2.61$/mmbtu
    • US Natgas DEC 24 down 1.5% at 3.07$/mmbtu
    • US Natgas OCT 25 down 1.2% at 3.31$/mmbtu
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Henry Hub front month extends the recent decline as the market weighs power demand disruption from Hurricane Milton and a mixed weather forecast ahead of the updated EIA storage inventories later today.

  • The EIA weekly gas inventories for the week ending Oct. 4 will be released this afternoon at 10:30 ET (15:30BST). The expectation is for a build of 72bcf according to a Bloomberg survey following a build of 55bcf the previous week. The seasonal normal is a build of around 99bcf.
  • Lower 48 natural gas demand remains strong at 71.4bcf/d today, according to Bloomberg compared to a seasonal average of around 64bcf/d. The NOAA 6-10 day forecast shows below normal temperatures in the eastern and Gulf Coast regions but above normal still in the west.  Above normal temperatures return across much of the country in the 8-14 day period.
  • US LNG export terminal feedgas supply is estimated at 12.25bcf/d today, BNEF shows, with Cove Point supply still halted due to maintenance and with another slight dip in Sabine Pass supply.
  • US domestic natural gas production is estimated up at the highest since early September at 101.9bcf/d today, according to Bloomberg, compared to an average of 101.3bcf/d over the previous week.
  • A further recovery in export flows to Mexico is expected today with an estimation up to 6.8bcf/d, according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was 586k on Oct. 9.
    • US Natgas NOV 24 down 2.1% at 2.61$/mmbtu
    • US Natgas DEC 24 down 1.5% at 3.07$/mmbtu
    • US Natgas OCT 25 down 1.2% at 3.31$/mmbtu