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NATGAS: Henry Hub Maintains Strength on Low Production and Small Storage Build

NATGAS
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Henry Hub is set for a net weekly gain supported by a drop in domestic production as Hurricane Francine arrived on Wednesday and with another week of low storage injection rates.

  • The EIA weekly gas inventories for the week ending Sep. 6 showed another below expected injection of 40bcf compared to the seasonal normal injection of about 67 bcf. Total US storage inventories are now 3,387bcf, holding a surplus of 296bcf above the previous five year average.
  • US domestic natural gas production was steady on the day at 100.1bcf/d yesterday, according to Bloomberg, compared to an average of 101.8bcf/d in the first week of September before the arrival of Francine.
  • Gas flows to the seven operational US LNG export plants has remained relatively unchanged since Wednesday at 11.87bcf/d today, according to BNEF. Supply to Cameron LNG is still below half normal levels after dropping earlier this week ahead of Hurricane Francine.
  • Domestic natural gas demand is today estimate at 71.6bcf/d, according to Bloomberg, compared to an average of 72.5bcf/d over the previous week. The NOAA 6-14 day forecast is relatively unchanged on the day with above normal expected in central and eastern areas and below normal temperatures forecast for the west.
  • Export flows to Mexico are today estimated up to 7.2bcf/d, according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was the highest since Aug. 8 at 592k on Sept. 12.
    • US Natgas OCT 24 up 0.3% at 2.37$/mmbtu
    • US Natgas MAR 25 down 0.2% at 2.93$/mmbtu
    • US Natgas SEP 25 down 0.1% at 3.17$/mmbtu
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Henry Hub is set for a net weekly gain supported by a drop in domestic production as Hurricane Francine arrived on Wednesday and with another week of low storage injection rates.

  • The EIA weekly gas inventories for the week ending Sep. 6 showed another below expected injection of 40bcf compared to the seasonal normal injection of about 67 bcf. Total US storage inventories are now 3,387bcf, holding a surplus of 296bcf above the previous five year average.
  • US domestic natural gas production was steady on the day at 100.1bcf/d yesterday, according to Bloomberg, compared to an average of 101.8bcf/d in the first week of September before the arrival of Francine.
  • Gas flows to the seven operational US LNG export plants has remained relatively unchanged since Wednesday at 11.87bcf/d today, according to BNEF. Supply to Cameron LNG is still below half normal levels after dropping earlier this week ahead of Hurricane Francine.
  • Domestic natural gas demand is today estimate at 71.6bcf/d, according to Bloomberg, compared to an average of 72.5bcf/d over the previous week. The NOAA 6-14 day forecast is relatively unchanged on the day with above normal expected in central and eastern areas and below normal temperatures forecast for the west.
  • Export flows to Mexico are today estimated up to 7.2bcf/d, according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was the highest since Aug. 8 at 592k on Sept. 12.
    • US Natgas OCT 24 up 0.3% at 2.37$/mmbtu
    • US Natgas MAR 25 down 0.2% at 2.93$/mmbtu
    • US Natgas SEP 25 down 0.1% at 3.17$/mmbtu