January 30, 2024 13:02 GMT
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.