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Price Update - Henry Hub Retreating

NATURAL GAS

US Henry Hub front month continues to trade lower, temporarily hitting a weekly low of $3.212 before rebounding slightly. Mixed weather forecasts and above average storage levels despite a declining surplus are providing downside. On the week, Henry Hub is down around 10 cents/MMBtu.

  • US Natgas NOV 23 down -3.1% at 3.24$/mmbtu
  • US Natgas APR 24 down -1% at 3.25$/mmbtu
  • Natural gas deliveries to US LNG export facilities are today estimated at 13.68bcf/d according to Bloomberg driven by a dip in supply to Sabine Pass and Cameron after reaching the highest since April at 14.0bcf/d yesterday.
  • US domestic natural gas demand is just above the seasonal five year average at 67.9bcf/d today according to Bloomberg ahead of the normal increase into the winter heating season. Cold weather expected in eastern areas in the coming days is forecast to warm back towards normal from mid next week as warm weather in the west spreads across the country.
  • US domestic natural gas production is today estimated slightly higher up to 101.95bcf/d according to Bloomberg.

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