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US Natural Gas Rises as Traders Look for Bargains

NATGAS

Henry Hub prices have ticked up today as traders hunt for bargains with discretionary buying while prices hover around a four-year low.

  • US Natgas MAY 24 up 1.9% at 1.87$/mmbtu
  • US Natgas OCT 24 up 0.5% at 2.61$/mmbtu
  • Warmer weather is expected to move across the Eastern half of the USA, bringing above average temperatures. Temperatures in the Western USA will be below normal before turning milder.
  • Feedgas flow to US LNG export terminals are today estimated down at the lowest since January at 11.3bcf/d according to Bloomberg. A drop in supply to Sabine Pass and Corpus Christi is adding to the ongoing works at Freeport.
  • US domestic natural gas production yesterday was down at 99.6bcf/d and in line with levels seen this time last year according to Bloomberg compared to an average of 100.4bcf/d over the previous week.
  • Lower 48 natural gas demand is today estimated just above normal at 78.6bcf/d today according to Bloomberg. Demand fell to a low of 74.6bcf/d over the weekend.
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