August 28, 2024 17:42 GMT
NATGAS: Henry Hub Rising
NATGAS
Henry Hub is rising today, although remains within the three-day trading range. Prices rebounded after news of disruption at Freeport LNG.
- US Natgas SEP 24 up 2.3% at 1.95$/mmbtu
- US Natgas FEB 25 up 1% at 3.26$/mmbtu
- Freeport LNG is actively working to restart operations after the fire safety suppression system was activated during routine maintenance, a spokeswoman said cited by Bloomberg.
- US LNG export terminal feedgas flows are estimated at 12.31bcf/d today, the lowest since Aug. 14 with Freeport’s intake down to 1.43 bcf/d from a normal level of around 2.1 bcf/d.
- While reduced feedgas flows would likely be a bearish factor, it may be supportive of a wider gas complex which has seen LNG outages in Australia and Malaysia.
- Domestic natural gas demand is relatively unchanged on the day at 80.4bcf/d compared to the seasonal normal of around 71bcf/d, according to Bloomberg.
- Lower 48 temperatures are still forecast to hold above normal through the end of the month but could briefly dip back near to normal around Sept. 3. The NOAA 6–14-day forecast shows above normal temperatures in the west and on the Gulf Coast but with cooler weather towards central and east coast areas.
- US domestic natural gas production was the highest since Aug 5 at 102.7bcf/d yesterday, according to Bloomberg, to hold just above levels seen this time last year.
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