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Strong demand drives US Natgas higher

HENRY HUB

Warm weather in southern US is helping to push domestic demand and prices higher. US Natgas trading up 2.69% today to 7.87$/mmbtu.

  • LNG export demand is still at high levels as domestic production is slowly increasing following a steady rise in Baker Hughes rigs counts from approximately 100 in Nov21. Baker Hughes gas count increased by 3 last week to 149.
  • The EIA short term energy report last week forecast a significant increase in Henry Hub gas from their previous forecast. They expect US gas will average 7.83$/mmbtu during Q222, 8.69$/mmbtu in Q322 and 8.48$/mmbtu in Q422. EIA expect inventories to be below average as domestic power generation demand continues despite the high market prices.
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