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US Henry Hub Steady Ahead of EIA Weekly Storage Data

NATGAS

US Henry Hub is holding steady today following the expiry of the May23 contract yesterday and ahead of the updated EIA storage data due for release later today. Strong supplies and high seasonal storage levels have limited upside moves and a dip in LNG export flows this week is also adding to the downside pressure although exports are still trending higher.

    • US Natgas JUN 23 unchanged at 2.31$/mmbtu
  • The latest EIA weekly gas inventories for the week ending 21 Apr will be released this afternoon at 15:30GMT. The expectation is for a build of +74bcf following on from the build of +75bcf last week. The 5-year average for this time of year is a build of +39bcf.
  • Deliveries to US LNG export terminals have dipped this week to 13.75bcf/d today. Flows have average 14.07bcf/d so far in April compared to 13.13bcf/d in March.
  • The US weather forecast shows cold in the far west coast and eastern regions with above normal temperatures expected in central areas in the 6-14 day period. Domestic demand is again above normal today at 69.9bcf/d compared to the seasonal normal of around 64bcf/d.
  • Natural gas production has dipped slightly this week from the highs seen last weekend. Lower 48 natural gas production was estimated at 100.3bcf/d yesterday according to Bloomberg.
  • Exports to Mexico are slightly higher at 6.1bcf/d today.
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