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NATGAS: Henry Hub Moves to Rangebound

NATGAS
Energy BulletsBulletPower BulletsCommodities

Henry Hub front month is back to around range bound as the market weighs power demand disruption against mixed weather forecasts and a continued shrinking of the US storage surplus.

  • US Natgas NOV 24 up 0.1% at 2.66$/mmbtu
  • US Natgas APR 25 down 0.7% at 2.88$/mmbtu
  • The EIA weekly gas inventories for the week ending Oct. 4 showed an injection of 82bcf compared to the expectation for an injection of 73bcf according to a Bloomberg survey and the seasonal normal injection of about 96bcf.
  • US working gas storage inventories however still hold a surplus of 176bcf above the five-year average, with total stocks at 3,629bcf compared to the previous five-year average of 3,453bcf. Last week’s surplus was 190bcf.
  • 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.
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Henry Hub front month is back to around range bound as the market weighs power demand disruption against mixed weather forecasts and a continued shrinking of the US storage surplus.

  • US Natgas NOV 24 up 0.1% at 2.66$/mmbtu
  • US Natgas APR 25 down 0.7% at 2.88$/mmbtu
  • The EIA weekly gas inventories for the week ending Oct. 4 showed an injection of 82bcf compared to the expectation for an injection of 73bcf according to a Bloomberg survey and the seasonal normal injection of about 96bcf.
  • US working gas storage inventories however still hold a surplus of 176bcf above the five-year average, with total stocks at 3,629bcf compared to the previous five-year average of 3,453bcf. Last week’s surplus was 190bcf.
  • 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.