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US Henry Hub Extends Decline on Warm Weather and Strong Production

NATGAS

US Henry Hub extends the decline with front month just above the lows from last week of 1.98$/mmbtu with at or above normal temperatures expected across the US in the latest 6-14 day NOAA forecast.

    • US Natgas MAY 23 down -6.9% at 2.06$/mmbtu
  • Warm weather has reduced heating demand this winter and assisted lower than normal storage withdrawals to bring overall inventories well above normal at the end of the winter season. Current lower 48 dry gas demand is estimated near normal at 75.3bcf/d.
  • Strong production is adding to the bearish pressure with output up at 101.5bcf/d yesterday according to Bloomberg data compared with an average of 100.5bcf/d during March.
  • Natural gas deliveries to US LNG export terminals are today at 14bcfd according to Bloomberg with flows to Freeport up to 2.19bcf/d as the terminal returns to feedgas levels last seen before the fire in June.
  • Exports flows to Mexico are estimated at 5.4bcf/d today down from a high of 6.8bcf/d last week.
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