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NATGAS: Henry Hub Regains Ground as Global Gas Prices Rally

NATGAS

Henry Hub is regaining some ground after losses last week amid rising global gas prices due to heightened Middle East risks while high domestic demand is set against strong production.

  • Hamas political leader Haniyeh was killed by a strike on his home in Tehran, which it claimed was Israeli. Risks of an escalation in conflict in the region may put Israel’s offshore gas fields at risk potentially driving up Egypt’s LNG demand.
  • US domestic natural gas production remains strong today estimated at 103.6bcf/d after rising to just below 104bcf/d yesterday and the highest since February, according to Bloomberg.
  • US LNG export terminal feedgas flows were yesterday estimated down slightly to 12.77bcf/d according to Bloomberg. No data is currently available for today.
  • Domestic lower 48 natural gas demand has risen again to 83.0bcf/d today with cooling demand boosted by hot weather across the US. The latest NOAA forecast still shows above normal temperatures across most of the country throughout the coming two weeks although with cooler weather in the north in the 8-14 day period.
  • Export flows to Mexico were yesterday at 6.59bcf/d according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was at 396k on July 30.
    • US Natgas SEP 24 down 0.7% at 2.11$/mmbtu
    • US Natgas FEB 25 down 0.6% at 3.34$/mmbtu
    • US Natgas AUG 25 down 0.2% at 3.22$/mmbtu
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