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US Henry Hub Rallies on Curtailed EQT Production

NATGAS

Henry Hub rallies to the highest since Feb.8, despite the warm weather and muted demand towards the end of the heating season, after gas producer EQT announces curtailed production due to low prices.

    • US Natgas APR 24 up 6.5% at 1.95$/mmbtu
    • US Natgas SEP 24 up 3.1% at 2.6$/mmbtu
    • US Natgas MAR 25 up 0.6% at 3.26$/mmbtu
  • US natural gas producer EQT made a strategic decision to curtail about 1bcf per day of gross production in late February and through March amid low natural gas prices. The company will reassess market conditions thereafter.
  • A recent decline in US gas production since early Feb has helped support the US gas market from lows seen in mid to late February. Production was yesterday at 101.0bcf/d according to Bloomberg compared to an average for Feb of about 103.5bcf/d.
  • Lower 48 natural gas demand is estimated down below normal at 74.3bcf/d today after falling to the lowest since October at 70.35bcf/d yesterday. The NOAA forecast has shifted slightly warmer since last week with above normal temperatures in the east and central areas spreading further west in the second week of the forecast.
  • Feedgas flows to US LNG export terminals are today at 13.85bcf/d according to Bloomberg as Freeport supplies are still curtailed by a train outage since mid Jan.
  • Export flow to Mexico was yesterday at 5.6bcf/d according to Bloomberg.
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