US Natgas Edges Up from Yesterday's Lows

Henry Hub Mar24 is edging up from a contract low of just below 2.05$/mmbtu with a slightly mixed weather picture across the US weighed against the return of strong production, above normal storage levels and curtailed LNG exports.

• US Natgas MAR 24 up 2% at 2.1$/mmbtu
• US Natgas AUG 24 up 0.5% at 2.59$/mmbtu
• US Natgas FEB 25 down -0.6% at 3.6$/mmbtu
• Lower 48 natural gas demand is up slightly on the day to 95.4bcf/d according to Bloomberg but is still below the previous five year average levels of as much as 109bcf/d at this time of year.
• The US weather forecast is generally holding above normal but colder weather is expected in the East and West Coast regions in the 6-10 day period after the warm weather this week.
• US domestic gas production was yesterday back at levels from early January estimated at 105.3bcf/d according to Bloomberg.
• Feedgas supply to US LNG export terminals are today at 14.1bcf/d with flows to Freeport still about 0.6bcf/d below levels seen in early January amid the outage to one of three liquefaction units.
• Export flows to Mexico back up to 6.3bcf/d today.