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US Natgas Falls to Lowest Since mid Dec on Warmer Weather

NATGAS

Henry Hub has recovered slightly after falling to the lowest since Dec 13 at 2.311$/mmbtu with the return of warm weather this week and with gas storage levels holding well above normal despite the severe cold last week.

    • US Natgas FEB 24 down -5.8% at 2.37$/mmbtu
    • US Natgas JUL 24 down -3.4% at 2.56$/mmbtu
    • US Natgas JAN 25 down -1.9% at 3.84$/mmbtu
  • Domestic natural gas demand is today down to 111.7bcf/d according to Bloomberg after rising to a record high of 135.7bcf/d on Jan 16 but remains above the seasonal normal of around 104bcf/d. The latest US weather forecasts show the cold weather moving away as the 6-14 NOAA forecast is relatively unchanged and showing above normal temperatures across the US throughout.
  • Feedgas supplies to US LNG export terminals are today at 13.4bcf/d with flows to all terminals except Sabine Pass and Cameron at slightly below normal levels while Elba saw small import flows over the weekend.
  • US domestic dry gas production recovered up to 101.3bcf/d over the weekend according to Bloomberg from a low of 91.2bcf/d on Jan 16 due to the recent severe cold. Output however remains below levels of between 104bcf/d and 106bcf/d before the freeze offs.
  • Export flows to Mexico have dipped over the weekend down to 5.99bcf/d today from as much as 6.5bcf/d late last week.
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