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NATGAS: Henry Hub on Track for Lowest Close since July 29

NATGAS

Henry Hub is now extending its losses on the day, reaching a new intraday low of $1.908/mmbtu. Downside pressure comes from cooling temperatures in parts of the US, coupled with stable supplies and above-average gas inventories.

  • Front month has reached its lowest intraday level since Aug. 5 and is on track for its lowest close since July 29.
  • US Natgas SEP 24 down 2.4% at 1.91$/mmbtu
  • US Natgas FEB 25 down 0.6% at 3.24$/mmbtu
  • Domestic natural gas demand has rebounded back above normal up to 79.8bcf/d today after seeing a gradual decline over the previous week, according to Bloomberg. 
  • Lower 48 temperatures after forecast to remain above normal this week before falling back to near normal after the first couple of days of September. 
  • The NOAA 6–14-day forecast shows above normal temperatures holding in the west and on the Gulf Coast but with cooler weather towards central and east coast areas.
  • US domestic natural gas production is today at 102.0bcf/d compared to an average of 102.2bcf/d so far in August, according to Bloomberg.
  • US LNG export terminal feedgas flows are estimated at 12.66bcf/d today, according to Bloomberg in line with an average of 12.8bcf/d so far in August.
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