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Natural Gas End of Day Summary: Henry Hub on Track for Weekly Rise

NATGAS

Henry Hub is continuing to ease back following yesterday’s rally driven by a below-expectation build in US natural gas storage inventories. However, front month is up around 5.5% on the week.

  • US Natgas JUN 24 down 1.7% at 2.26$/mmbtu
  • US Natgas NOV 24 down 1.4% at 2.97$/mmbtu
  • US total gas rig count rose by 1 on the week to 103 rigs, according to Baker Hughes.
  • US terminal feedgas flows are today up to the highest since March 23 at 13.38bcf/d according to Bloomberg
  • US domestic natural gas production was up slightly on the day to 99.85bcf/d yesterday according to Bloomberg to recover back just above the average seen so far in May.
  • Lower 48 natural gas demand remains unchanged at 67.7bcf/d today according to Bloomberg with mild weather expected across the US throughout the coming two-week period.
  • US terminal feedgas flows are today up to the highest since March 23 at 13.33bcf/d according to Bloomberg.
  • The recent bullish move at the front of the Henry Hub curve has not been reflected in contracts further out likely driven by producer hedging of gas exposure for the future months according to Gelber & Associates.
  • The LNG vessel Minerva Limnos is due to arrive in Jordan on 16 May with supplies to be delivery back through the pipelines into Egypt.
  • The Panama Canal is in talks with the US LNG producers on how to meet increased demand for crossings as water levels recover from a prolonged drought, Reuters said.
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