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US Natgas Rises Above $3/mmbtu Ahead of EIA

NATURAL GAS

US Henry Hub front month is trading higher as latest weather reports suggest colder weather for the Eastern US, while feedgas deliveries to US LNG terminals increased on the day. Downside is limited by a drop in demand and higher production.

  • US Natgas NOV 23 up 0.7% at 3.03$/mmbtu
  • US Natgas APR 24 up 0.5% at 3.1$/mmbtu
  • US Natgas OCT 24 up 0.2% at 3.44$/mmbtu
  • Domestic natural gas production yesterday rose to 103bcf/d from 101.67bcf/d the previous day and well above the seasonal norm.
  • US natural gas demand is estimated lower today below the five-year range to 65.86bcf/d, from 66.17bcf/d yesterday. The latest weather forecast has been revised up to above and near normal for the west of the US, while most of Eastern US will face below norm temperatures.
  • Feedgas deliveries to US LNG export facilities rose on the day to 13.79bcf/, compared with 13.67bcf/d yesterday. Deliveries are above the 30-day moving average of 13.39bcf/d. Flows to Freepoint rose back 2.05bcf/d compared with the 30-day moving average of 1.83bcf/d according to Bloomberg.
  • Export flows to Mexico are today estimated at 6.77bcf/d.
  • The latest EIA weekly natural gas report is due later at 15:30BST. Gas storage inventories are expected to see a build of +80.26bcf/d according to a Bloomberg survey.
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