March 21, 2023 12:34 GMT
US Henry Hub Trending Lower with LNG Exports Still Curtailed
US Natgas extends the recent decline down to 2.22$/mmbtu from a high of 2.66$/mmbtu last week with ongoing restrictions to LNG export flows and with a mixed end of season weather forecast.
- US Natgas APR 23 down -0.3% at 2.22$/mmbtu
- The latest NOAA forecast shows below normal temperatures still in western areas but with above normal temperatures in eastern and Gulf Coast regions in the 6-14 day period. Domestic natural gas consumption is estimated just above normal at 82.5bcf/d today.
- Freeport LNG has reduced planned output with part of a production train damaged during restart as the export facility struggles to resume full operations. Freeport have previous said that changes in feed gas flows and production rates are to be anticipated. Feedstock gas deliveries to the terminal are today showing up at 1.38bcf/d according to Bloomberg. Total deliveries to US export terminals are today down to 12.75bcf/d with reduced supply to Sabine Pass.
- US production was yesterday estimated at 100.4bcf/d and exports to Mexico are at 5.7bcf/d.