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US Natgas Extends Recovery Boosted by Cooler Weather and Freeport LNG

NATGAS

US Henry Hub natural gas is extending gains from last week with cooler weather, the gradual return of Freeport LNG and potential for slower US production growth. US shale gas producer Chesapeake Energy are planning to reduce their active rig fleet after the price drop and others could follow suit.

    • US Natgas APR 23 up 4.3% at 2.66$/mmbtu
  • Low demand this winter, healthy gas storage, high production and curtailed LNG exports all combined to bring the US price down from just under 10$/mmbtu in August to below 2$/mmbtu on 22 Feb last week.
  • Deliveries to US LNG export terminals are today estimated down at 12.4bcf/d due to lower supply to Sabine Pass according to Bloomberg. Pipeline flows to Freeport LNG are similar to late last week at around 0.74bcf/d.
  • US natural gas production was around 101.3bcf/d over the weekend. Demand is expected to remain around normal at 87.1bcf/d today but the latest NOAA two week forecast suggest below normal temperatures are spreading eastwards across the country in the second half of the outlook.
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