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NATGAS: Henry Hub Holding Within $0.12/mmbtu Range After Rally in Early August

NATGAS

Henry Hub front month is trading between $2.134/mmbtu and $2.256/mmbtu so far this week with healthy storage, and lower LNG exports set against warm weather and a drop in production.

  • US LNG export terminal feedgas flows have today recovered slightly to 12.48bcf/d, according to Bloomberg, driven by Sabine Pass but supply to the terminal is still about 0.4bcf/d below the average from the last month.
  • US domestic natural gas production was relatively unchanged on the day at 101.5bcf/d yesterday according to Bloomberg with Appalachia flows about 1.3bcf/d below levels seen at the start of August.
  • Domestic lower 48 natural gas demand is today also holding steady just above normal at 76.2bcf/d, according to Bloomberg. The latest NOAA 6-14 day forecast again shows above normal temperatures in central regions and on the Gulf Coast but closer to normal expected on both east and west coasts.
  • Export flows to Mexico are today strong at 6.9bcf/d according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was 555k on Aug 13.
    • US Natgas SEP 24 up 0.5% at 2.16$/mmbtu
    • US Natgas FEB 25 down 0.1% at 3.39$/mmbtu
    • US Natgas AUG 25 unchanged at 3.3$/mmbtu
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