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US Natgas Highest Since 11 Oct Supported by Strong Demand

NATGAS

Front month US Henry Hub is trading up to the highest since 11 Oct supported by strong current domestic demand and high LNG exports. Warm weather spreading across the country could ease pressure on domestic demand later this week but slightly cooler temperatures in Europe could help maintain strong LNG export demand. Global energy markets continue to watch for the risk of an escalation of the conflict in Israel to the wider Middle East region.

    • US Natgas DEC 23 up 1.3% at 3.4$/mmbtu
    • US Natgas MAY 24 up 0.8% at 3.12$/mmbtu
    • US Natgas NOV 24 up 0.2% at 3.79$/mmbtu
  • US natural gas demand is today estimated up again to 79.2bcf/d with current below normal temperatures in eastern and Gulf Coast regions. Temperatures are expected to warm in the coming week as above normal temperatures move across from the west by the weekend.
  • Domestic natural gas production is stable at around 103.3bcf/d this week after reaching a record 104.4bcf/d on 23 Oct but still well above output of around 100bcf/d this time last year.
  • Natural gas delivery flows to US LNG export facilities are today estimated at 14.0bcf/d according to Bloomberg compared to an average of 13.6bcf/d in October.
  • Export flows to Mexico are today estimated at 6.5bcf/d.
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