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NATGAS: Henry Hub Holds Gains Amid Declining Storage Surplus and Warm Weather

NATGAS
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Henry Hub front month is holding onto gains seen yesterday and set for a small weekly gain after another reduction in the gas storage surplus according to EIA data yesterday, while warm weather is limiting gas heating demand.

  • The EIA weekly gas inventories for the week ending Sep. 13 showed at slightly greater than expected injection of 58bcf but still below the seasonal normal of about 80bcf. Total US storage inventories are now showing surplus down to 274bcf.
  • Domestic natural gas demand is at 70.9bcf/d today, according to Bloomberg, compared the previous five year average of around 65.2bcf/d. The latest weather forecast has turned warmer for the East Coast with NOAA now showing above normal temperature across all lower 48 areas through the 6-14 day period.
  • US domestic natural gas production was yesterday back up to 100.7bcf/d compared to an average of 100.4bcf/d over the previous week, according to Bloomberg.
  • Feedgas flows to US LNG export terminals are down at 12.26bcf/d today with a drop in Cove Point supply set against a recovery in Corpus Christi supply, according to BNEF data.
  • Export flows to Mexico are today estimated slightly down on the day at 6.7bcf/d, according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was 512k on Sept. 19.
    • US Natgas OCT 24 up 0.8% at 2.37$/mmbtu
    • US Natgas MAR 25 up 0.6% at 2.95$/mmbtu
    • US Natgas SEP 25 up 0.3% at 3.18$/mmbtu
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Henry Hub front month is holding onto gains seen yesterday and set for a small weekly gain after another reduction in the gas storage surplus according to EIA data yesterday, while warm weather is limiting gas heating demand.

  • The EIA weekly gas inventories for the week ending Sep. 13 showed at slightly greater than expected injection of 58bcf but still below the seasonal normal of about 80bcf. Total US storage inventories are now showing surplus down to 274bcf.
  • Domestic natural gas demand is at 70.9bcf/d today, according to Bloomberg, compared the previous five year average of around 65.2bcf/d. The latest weather forecast has turned warmer for the East Coast with NOAA now showing above normal temperature across all lower 48 areas through the 6-14 day period.
  • US domestic natural gas production was yesterday back up to 100.7bcf/d compared to an average of 100.4bcf/d over the previous week, according to Bloomberg.
  • Feedgas flows to US LNG export terminals are down at 12.26bcf/d today with a drop in Cove Point supply set against a recovery in Corpus Christi supply, according to BNEF data.
  • Export flows to Mexico are today estimated slightly down on the day at 6.7bcf/d, according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was 512k on Sept. 19.
    • US Natgas OCT 24 up 0.8% at 2.37$/mmbtu
    • US Natgas MAR 25 up 0.6% at 2.95$/mmbtu
    • US Natgas SEP 25 up 0.3% at 3.18$/mmbtu