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NATGAS: Henry Hub Surges on Smaller Storage Build

NATGAS
Energy BulletsBulletPower BulletsCommodities

Henry Hub initially surged to its highest since July 12 but has already pared some gains. Support comes from another below average and below expectation build in US natural gas stockpiles.

  • US Natgas OCT 24 up 2.6% at 2.33$/mmbtu
  • US Natgas MAR 25 up 0.3% at 2.94$/mmbtu
  • The EIA weekly gas inventories for the week ending Sep. 6 showed an injection of 40bcf compared to the expectation for an injection of 47bcf according to a Bloomberg survey and the seasonal normal injection of about 67 bcf.
  • Reuters estimated a build of 50 Bcf and the WSJ forecast a build of 49 Bcf.
  • US storage inventories however still hold a surplus of 296bcf, compared to 323bcf last week.
  • Total stocks are at 3,387bcf compared to the previous five-year average of 3,091bcf.
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Henry Hub initially surged to its highest since July 12 but has already pared some gains. Support comes from another below average and below expectation build in US natural gas stockpiles.

  • US Natgas OCT 24 up 2.6% at 2.33$/mmbtu
  • US Natgas MAR 25 up 0.3% at 2.94$/mmbtu
  • The EIA weekly gas inventories for the week ending Sep. 6 showed an injection of 40bcf compared to the expectation for an injection of 47bcf according to a Bloomberg survey and the seasonal normal injection of about 67 bcf.
  • Reuters estimated a build of 50 Bcf and the WSJ forecast a build of 49 Bcf.
  • US storage inventories however still hold a surplus of 296bcf, compared to 323bcf last week.
  • Total stocks are at 3,387bcf compared to the previous five-year average of 3,091bcf.