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US Henry Hub Eases Back from Earlier High

NATGAS

The Henry Hub market is easing lower after reaching a high of $2.948/mmbtu earlier today. Fundamentals remain relatively unchanged on the day with stable US gas production and hot weather still forecast across the US.

  • The EIA weekly gas inventories will be released tomorrow due to the US holiday yesterday.
  • Domestic natural gas demand is today estimated slightly lower at 73.36bcf/d according to Bloomberg but remains well above the previous five year seasonal range. Cooling demand is expected to remain strong with the latest NOAA 6-14 day forecast still showing above normal temperatures across most of the US through the end of the month.
  • US domestic natural gas production was yesterday unchanged on the day at 100.4bcf/d according to Bloomberg and holding in line with the average seen so far this month.
  • US LNG export terminal feedgas flows are today at 13.11bcf/d, according to Bloomberg, with Sabine Pass LNG supplies recovering after a further dip yesterday.
  • Export flows to Mexico are at the higher end of the recent range at 6.97bcf/d today according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was just 69k on June 19 due to the US holiday.
    • US Natgas JUL 24 down 2.4% at 2.84$/mmbtu
    • US Natgas DEC 24 down 1.6% at 3.77$/mmbtu
    • US Natgas JUN 25 down 1.2% at 3.34$/mmbtu
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