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NATGAS: Natgas End of Day: Henry Hub Rallies on Declining Production

NATGAS
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Henry Hub prices rallied on Monday as producers continued to reduce output after months of price weakness. Prices are supported by a declining storage surplus towards the end of the injection season and with production below July and August levels.

  • US Natgas OCT 24 up 6.4% at 2.59$/mmbtu
  • Signs that hurricane developments in the Gulf of Mexico look unlikely to disrupt LNG supply have added support and instead are more of a production risk.
  • LSEG said gas output in the Lower 48 U.S. states has slid to an average of 102.1 bcfd so far in September, down from 103.2 bcfd in August.
  • Domestic natural gas demand is at 71.65bcf/d today, according to Bloomberg, compared to 72.2bcf/d over the previous week. The NOAA weather forecast still shows above normal temperature expected across all lower 48 areas through the 6-14 day period.
  • With milder autumn weather coming, LSEG forecasts average gas demand in the Lower 48, including exports, will slide from 99.1 bcfd this week to 97.7 bcfd next week.
  • Gas flows to the seven big U.S. LNG export plants have eased to an average of 12.8 bcfd so far in September, down from 12.9 bcfd in August.
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Henry Hub prices rallied on Monday as producers continued to reduce output after months of price weakness. Prices are supported by a declining storage surplus towards the end of the injection season and with production below July and August levels.

  • US Natgas OCT 24 up 6.4% at 2.59$/mmbtu
  • Signs that hurricane developments in the Gulf of Mexico look unlikely to disrupt LNG supply have added support and instead are more of a production risk.
  • LSEG said gas output in the Lower 48 U.S. states has slid to an average of 102.1 bcfd so far in September, down from 103.2 bcfd in August.
  • Domestic natural gas demand is at 71.65bcf/d today, according to Bloomberg, compared to 72.2bcf/d over the previous week. The NOAA weather forecast still shows above normal temperature expected across all lower 48 areas through the 6-14 day period.
  • With milder autumn weather coming, LSEG forecasts average gas demand in the Lower 48, including exports, will slide from 99.1 bcfd this week to 97.7 bcfd next week.
  • Gas flows to the seven big U.S. LNG export plants have eased to an average of 12.8 bcfd so far in September, down from 12.9 bcfd in August.