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US Natgas Egdes Lower on Cooler Weather Forecast

NATGAS

US Henry Hub is slightly down on the day on a cooler weather forecast and after data yesterday showing above normal storage injections last week. The move comes despite a recovery in LNG export supplies.

    • US Natgas NOV 23 down -0.8% at 2.92$/mmbtu
    • US Natgas APR 24 down -0.2% at 3.01$/mmbtu
    • US Natgas OCT 24 up 0.1% at 3.38$/mmbtu
  • The EIA weekly gas inventories for the week ending 22 Sep showed a build in line with expectations at +90bcf compared to the five-year average for this time of year of +79bcf. The total US inventories are maintaining above the five year average of 3,359bcf compared to the average of 3,142bcf.
  • Natural gas deliveries to US LNG export terminals are today up to 12.57bcf/d according to Bloomberg with a recovery in flows to Corpus Christi back to near normal levels.
  • Domestic natural gas consumption is relatively unchanged at 67.1bcf/d and still above the five year average for the time of year. The latest NOAA two week outlook shows signs of cooler weather into October for much of the US. Central areas are now showing nearer to normal while the west coast has actually turned slightly warmer and no longer expecting below normal temperatures.
  • US domestic natural gas production is today estimated at 101.3cf/d according to Bloomberg compared to the average of 101.45bcf/d this month and 99.4bcf/d in Sep 2022.
  • Export flows to Mexico are today estimated high at 7.3bcf/d.

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