US Henry Hub Pulls Back Ahead of Storage Data

US Henry Hub eases back from the gains seen yesterday ahead of the updated EIA US storage data as European TTF prices pull back from the surge seen yesterday amid tight global LNG supply concerns.

• The latest EIA weekly gas inventories for the week ending 4 Aug will be released this afternoon at 15:30BST. The expectation is for a build of +24bcf compared to a build of +14bcf last week and the seasonal normal of +38.6bcf.
• Total storage was last week at 3,001Bcf, which is 322Bcf higher than the seasonal average of 2,679Bcf and 259Bcf lower than the previous 5-year high of 3,260Bcf.
• Average US generation output fell by 8.12 gigawatts between EIA reference weeks ending July 28 and August 4 driven by declines in both gas and renewables generation according to Bloomberg.
• The EIA reference week delivered 5.3 cooling degree days less than the previous week, which led to a decrease in power sector gas consumption by an average 1.04Bcf/d week over week.
• The early view for the week ending August 11 is an injection of 35Bcf.
  • US Natgas SEP 23 down -2.2% at 2.89$/mmbtu
  • TTF SEP 23 down -5.3% at 37.71€/MWh