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US Natgas Steady Amid Strong LNG Flows and Record Production

NATGAS

US Henry Hub front month is holding steady today just above 3.1$/mmbtu after pulling back from a high of around 3.45$/mmbtu last week with strong domestic production weighed against high LNG export flows and a mixed weather forecast.

    • US Natgas NOV 23 up 0.6% at 3.13$/mmbtu
    • US Natgas APR 24 up 0.1% at 3.18$/mmbtu
    • US Natgas OCT 24 unchanged at 3.53$/mmbtu
  • US domestic natural gas production was yesterday estimated up at a record high of 104.17bcf/d according to Bloomberg. US shale gas output is expected to decline by 451mcf/d on the month to 98.81bcf/d in November, according to the EIA Drilling Productivity Report yesterday. October was revised up to 99.26bcf/d.
  • Natural gas deliveries to US LNG export facilities are holding up to the highest since April at 14.5bcf/d according to Bloomberg amid strong supplies to Sabine Pass relative to the flows seen in recent months.
  • US domestic natural gas demand is still holding above the seasonal five year average at 73.16bcf/d today according to Bloomberg as the warmer than normal two week forecast cools. The weather forecast for West Coast regions has turned cooler than expected yesterday in the 6-14 day period with slightly below normal temperatures expected although central areas will remain above normal.
  • Export flows to Mexico are relatively unchanged on the day at 6.1bcf/d.
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