US Natgas Holding Steady Ahead of EIA Inventory Data

US Henry Hub is holding steady with supply and demand relatively unchanged and ahead of the of updated EIA inventory data.

• US Natgas JUN 23 up 0.3% at 2.2$/mmbtu
• The latest EIA weekly gas inventories for the week ending 5 May will be released this afternoon at 10:30ET (15:30BST). The expectation is for another slightly smaller than normal build of +77bcf after the small build last week. Last week showed a build of +54cf and the 5-year average for this time of year is a build of +84bcf.
• Delivery flows to the US LNG export terminals are today estimated at 13.13bcf/d according to Bloomberg compared to the 30 day average of 13.76bcf/d.
• Natural gas production was yesterday at 100.4bcf/d compared to an average of 101.1bcf/d so far this month and around 96.5bcf/d this time last year.
• Domestic demand is holding near normal with today again estimated just slightly lower at 62.2bcf/d. The US two week weather outlook is again unchanged from yesterday with above normal temperatures expected in western areas and the far east coast but below normal forecast in central regions.
• Export flows to Mexico are still estimated up at the top of the five year range at 6.3bcf/d.