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US Natgas Weighs Strong Demand Against Drop in LNG Terminal Feedgas

NATGAS

US Henry Hub front month is holding steady today with warm weather supporting demand and despite ongoing issues with US LNG export terminal feedgas flows.

    • US Natgas OCT 23 down -0.3% at 2.74$/mmbtu
    • US Natgas MAR 24 down -0.1% at 3.34$/mmbtu
    • US Natgas SEP 24 unchanged at 3.31$/mmbtu
  • US natgas is also supported by more bullish forecasts for consumption in the latest EIA STEO report. US natural gas consumption is forecast to average 80.5bcf/d in September and increase of 5% on the year and a September record.
  • Feedgas delivery flows to US LNG export terminals are today estimated at 11.6bcf/d. Flows fell as low as 10.1bcf/d yesterday with a halt to supply to Calcasieu Pass adding to the lower supply to Freeport LNG according to Bloomberg. Calcasieu Pass flows have resumed today but Freeport supply is still down at just 0.37bcf/d.
  • The latest two week NOAA forecast is showing above normal temperatures across central and eastern areas but slightly cooler weather is expected towards the West Coast. Domestic natural gas consumption is currently around 70.9bcf/d compared to the five year seasonal average of about 66bcf/d.
  • US domestic natural gas production yesterday dipped slightly down to 100.3bcf/d according to Bloomberg compared to the previous 30 day average of 101.9bcf/d and around 99.5bcf/d this time last year.
  • Export flows to Mexico are today estimated at 7.1cf/d.
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