NATGAS: Henry Hub Finding Support Ahead of Updated EIA Storage Data

Henry Hub prices are finding some support from lower production ahead of another week of below normal storage injections expected in the updated EIA data today.

• The EIA weekly gas inventories for the week ending Aug 30 will be released this afternoon at 10:30 ET (15:30BST). The expectation is for a build of 27bcf according to a Bloomberg survey following a build of 35bcf the previous week. The seasonal normal is a build of around 45bcf.
• Domestic natural gas demand remains stable at 71.6bcf/d today and still above the previous five year average of around 68bcf/d at this time of year. Lower 48 temperatures are forecast to drop below normal into the weekend before rising back above normal next week. The latest NOAA forecast shows above normal temperatures spreading from the west across the US in the second week of the outlook.
• US domestic natural gas production dipped to 101.0bcf/d yesterday, according to Bloomberg, compared to an average of 102.6bcf/d over the previous week.
• US LNG export terminal feedgas flows are estimated at 12.96bcf/d yesterday, according to Bloomberg compared to an average of 12.7bcf/d in August.
• Export flows to Mexico are today estimated unchanged on the day at 7.3bcf/d, according to Bloomberg.
• Nymex Henry Hub daily aggregate traded futures volume was 365k on Sep 4.
  • US Natgas OCT 24 up 1.8% at 2.18$/mmbtu
  • US Natgas MAR 25 up 0.5% at 2.92$/mmbtu
  • US Natgas SEP 25 unchanged at 3.14$/mmbtu