US Henry Hub Drifts Off Highs Ahead of EIA Data

Henry Hub futures have drifted down from a high of $2.274/mmbtu yesterday ahead of the updated EIA weekly natural gas storage data.

• US Natgas JUN 24 down 1% at 2.17$/mmbtu
• US Natgas NOV 24 down 1.2% at 2.98$/mmbtu
• US Natgas MAY 25 down 1.3% at 2.98$/mmbtu
• The EIA weekly gas inventories for the week ending May 3 will be released this afternoon at 10:30 ET (15:30BST). The expectation is for a build of 86bcf according to a Bloomberg survey following a build of 59bcf the previous week. The seasonal normal is a build of about 76bcf.
• US LNG export terminal feedgas flows have today risen to 12.76bcf/d according to Bloomberg driven by a recovery in supply to Freeport and Corpus Christi. Natural gas supply to Freeport LNG has risen to its highest level since late January at 1.702bcf/d compared to a maximum of around 2.2bcf/d.
• US domestic natural gas production was at 99.0bcf/d yesterday according to Bloomberg compared to an average of 99.5bcf/d so far in May.
• Lower 48 natural gas demand remains just above normal at 67.5bcf/d today according to Bloomberg and in line with the average seen in the last week. The NOAA forecast shows above normal temperatures across the US throughout the 6-14 day period after nearer normal temperatures this week.
• Export flows to Mexico are holding steady today at 6.649bcf/d according to Bloomberg.
• Nymex Henry Hub daily aggregate traded futures volume was at 489k on May 8.