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Softer Henry Hub with Warm Weather and High Storage

NATGAS

A warm weather forecast across the US and high gas storage levels are adding downward pressure to US Henry Hub prices amid a recovery in Sabine Pass LNG feedgas flows.

    • US Natgas JAN 24 down -1.5% at 2.76$/mmbtu
    • US Natgas JUN 24 down -1% at 2.77$/mmbtu
    • US Natgas DEC 24 down -0.5% at 3.92$/mmbtu
  • The EIA weekly gas inventories for the week ending 24 Nov showed a net build of +10bcf compared to the seasonal normal draw of -41bcf. The total US inventories remain well above season normal levels at 3,836bcf compared to the average of 3,542bcf.
  • Feedgas flows to US LNG export terminals are today estimated back up to 14.45bcf/d according to Bloomberg driven by a recovery in Sabine Pass supplies after dipping by about 0.9bcf/d a couple of times this week.
  • US natural gas demand is again lower today back in line with previous five year average levels to 89.9bcf/d according to Bloomberg. Temperatures are due to rise into this weekend and remain above normal throughout the following two week period for most of the US according to NOAA.
  • Lower 48 dry natural gas production has drifted back down from the record levels at the start of the week back to 104.9bcf/d today according to Bloomberg.
  • Export flows to Mexico are at 6.15bcf/d according to Bloomberg.
Energy BulletsPower BulletsCommoditiesUS
Energy BulletsPower BulletsCommoditiesUS

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