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NATGAS: Henry Hub Set for Highest Close Since July 2

NATGAS
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Henry Hub is on track for its highest close since July 2. Front month is supported by gains during US hours. Expectations of a continued shrinking in the storage surplus, coupled with rising power burns in recent days, according to Reuters data. Above normal temperatures are also supportive.

  • US Natgas OCT 24 up 3.2% at 2.42$/mmbtu
  • US Natgas MAR 25 up 3% at 3.02$/mmbtu
  • The EIA weekly gas inventories for the week ending Sep. 13 showed at slightly greater than expected injection of 58bcf but still below the seasonal normal of about 80bcf. Total US storage inventories are now showing surplus down to 274bcf.
  • Domestic natural gas demand is at 70.9bcf/d today, according to Bloomberg, compared the previous five-year average of around 65.2bcf/d.
  • The latest weather forecast has turned warmer for the East Coast with NOAA now showing above normal temperature across all lower 48 areas through the 6-14 day period.
  • US domestic natural gas production was yesterday back up to 100.7bcf/d compared to an average of 100.4bcf/d over the previous week, according to Bloomberg.
  • Feedgas flows to US LNG export terminals are down at 12.26bcf/d today with a drop in Cove Point supply set against a recovery in Corpus Christi supply, according to BNEF data.
  • Natural Gas Pipeline Company has lifted its force majeure at compressor station 343 in Liberty County, Texas.
  • US natural gas storage likely saw yet another below-average build of 54 bcf in the week to Sep. 20, according to a Reuters survey.

 

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Henry Hub is on track for its highest close since July 2. Front month is supported by gains during US hours. Expectations of a continued shrinking in the storage surplus, coupled with rising power burns in recent days, according to Reuters data. Above normal temperatures are also supportive.

  • US Natgas OCT 24 up 3.2% at 2.42$/mmbtu
  • US Natgas MAR 25 up 3% at 3.02$/mmbtu
  • The EIA weekly gas inventories for the week ending Sep. 13 showed at slightly greater than expected injection of 58bcf but still below the seasonal normal of about 80bcf. Total US storage inventories are now showing surplus down to 274bcf.
  • Domestic natural gas demand is at 70.9bcf/d today, according to Bloomberg, compared the previous five-year average of around 65.2bcf/d.
  • The latest weather forecast has turned warmer for the East Coast with NOAA now showing above normal temperature across all lower 48 areas through the 6-14 day period.
  • US domestic natural gas production was yesterday back up to 100.7bcf/d compared to an average of 100.4bcf/d over the previous week, according to Bloomberg.
  • Feedgas flows to US LNG export terminals are down at 12.26bcf/d today with a drop in Cove Point supply set against a recovery in Corpus Christi supply, according to BNEF data.
  • Natural Gas Pipeline Company has lifted its force majeure at compressor station 343 in Liberty County, Texas.
  • US natural gas storage likely saw yet another below-average build of 54 bcf in the week to Sep. 20, according to a Reuters survey.