Natural gas futures trade lower after yesterday’s near 17c rally, with low production continuing to support the market
July ’24 Henry Hub is down 3.6c this morning to trade around $2.720/MMBtu (As of 8:18 AM)
The Summer ’24 strip is down 2.6c to $2.792 and Winter ‘24/’25 strip is down 1.3c to $3.527
Today’s Euro Ensemble indicates slightly cooler temperatures for the next 1-5 days in the Midwest, South Central, and West, with below-normal temps through mid-June (Criterion)
Widening natural gas basis east of Henry Hub signals need for brownfield expansion (S&P Global)
Natural gas cash prices in eastern Louisiana held a 77c/MMBtu premium to Henry Hub May 21-31, according to Platts. The basis had been close to zero for most of April and the first half of May
Increased cooling demand and extended maintenance at Transco Station 60 have contributed to the price rise in eastern Louisiana
EnLink Midstream plans a 210 MMcf/d brownfield expansion on its Bridgeline system to address market demand, starting Q4 2025
Rising industrial and LNG demand in the region, including the 20 mmty Plaquemines facility, continues to drive competition for gas
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