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US Natgas Trading Just Above Lowest Since 22 Feb

NATGAS

US Henry Hub is just above the lowest since 22 Feb set earlier today at 2.1$/mmbtu with mixed weather in the US balanced against strong storage levels, steady production and with Freeport LNG exports yet to return to full operations.

    • US Natgas APR 23 down -4.4% at 2.12$/mmbtu
  • Lower 48 dry gas production has held steady around 100.5bcf/d over the last week compared to output this time last year of around 95bcf/d.
  • Pipeline deliveries to US LNG export terminals are today estimated at 12.9bcf/d according to Bloomberg with flows to Freeport LNG at 1.43bcf/d. Supply to Freeport is still only at two thirds of the full operational capacity of around 2.1bcf/d.
  • The latest weather forecast shows below normal temperatures in the west and north with above normal temperatures on the Gulf Coast spreading into more central areas compared to the forecast last week. Domestic natural gas consumption is today estimated above normal at 93.9bcf/d.
  • EIA data last week showed total US storage inventories are near the top of the five year range at 1,900bcf.
  • Export flows to Mexico are back down near normal at 5.1bcf/d compared to between 5.5 and 6bcf/d earlier in March.
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