US Henry Hub Ticks Higher on Higher Demand, Lower Output

Henry Hub front month is finding some support today after the trend lower since the start of November amid an uptick in demand above the seasonal average and slightly lower natural gas production, which is partly offset by lower feedgas flows to US terminal.

• US Natgas JAN 24 up 1% at 2.36$/mmbtu
• US Natgas JUN 24 up 0.4% at 2.46$/mmbtu
• Domestic natural gas production has dipped down to 104.32bcf/d according to Bloomberg with a drop in Haynesville supplies, down from 105.39 bcf/d the day prior.
• Lower 48 natural gas demand rose above the five-year range to 98.05bcf/d.
• The NOAA weather forecast has been slightly adjusted with most of the US seeing above normal temperatures throughout this month.
• Feedgas flows to US LNG export terminal is down today to 14.09bcf/d, from 14.55bcf/d yesterday and below the 30-day moving average of 14.40bcf/d as flows to Corpus Christi dripped further to 1.60 bcf/d, below the 30-day moving average of 2.29 bcf/d according to Bloomberg.
• Export flows to Mexico are today at 6.05bcf/d according to Bloomberg.
• The EIA weekly US natural gas inventory report is due for release today at 10:30 ET. A Bloomberg survey suggests a draw of -55.91 bcf/d, after the first large draw this winter in the previous week.