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NATGAS: Henry Hub Rising

NATGAS
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Henry Hub continues to maintain most of its earlier gains, driven by increased domestic and overseas demand, higher LNG feedgas flows, and a small-but-unexpected weekly withdrawal from US natural gas storage.

  • US Natgas DEC 24 up 4.4% at 3.33$/mmbtu
  • US Natgas MAY 25 up 1.4% at 3.04$/mmbtu
  • The EIA weekly gas inventories for the week ending Nov. 15 showed a withdrawal of 3bcf compared to the expectation for an injection of 2bcf according to a Bloomberg survey and 6bcf build in a Reuters survey. The previous five-year average suggested a switch to withdrawals of around 16bcf.
  • Total stocks are at 3,969bcf compared to the previous five-year average of 3,730bcf and 141bcf above levels seen a year ago.
  • Lower 48 natural gas demand has surged above normal to the highest since March at 89.5bcf/d today, according to Bloomberg. Forecasts show cold weather in the west spreading and taking temperatures across the lower 48 below normal towards the end of the month.
  • US LNG export terminal feedgas supply is near the highest since January at 13.42bcf/d today, BNEF shows.
  • US domestic natural gas production is estimated at 102.4bcf/d yesterday, according to Bloomberg, in line with levels from the last week but below volumes of over 105bcf/d this time last year.
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Henry Hub continues to maintain most of its earlier gains, driven by increased domestic and overseas demand, higher LNG feedgas flows, and a small-but-unexpected weekly withdrawal from US natural gas storage.

  • US Natgas DEC 24 up 4.4% at 3.33$/mmbtu
  • US Natgas MAY 25 up 1.4% at 3.04$/mmbtu
  • The EIA weekly gas inventories for the week ending Nov. 15 showed a withdrawal of 3bcf compared to the expectation for an injection of 2bcf according to a Bloomberg survey and 6bcf build in a Reuters survey. The previous five-year average suggested a switch to withdrawals of around 16bcf.
  • Total stocks are at 3,969bcf compared to the previous five-year average of 3,730bcf and 141bcf above levels seen a year ago.
  • Lower 48 natural gas demand has surged above normal to the highest since March at 89.5bcf/d today, according to Bloomberg. Forecasts show cold weather in the west spreading and taking temperatures across the lower 48 below normal towards the end of the month.
  • US LNG export terminal feedgas supply is near the highest since January at 13.42bcf/d today, BNEF shows.
  • US domestic natural gas production is estimated at 102.4bcf/d yesterday, according to Bloomberg, in line with levels from the last week but below volumes of over 105bcf/d this time last year.