US NATGAS: Henry Hub Eases Back
Jun-04 16:50
Henry Hub front month is losing ground today after holding steady after a run of strong gains which leaves it up 15% week on week. Warm forecasts and lower domestic production continue to support the front month, while downside pressure comes from weak LNG terminal feedgas flows.
- US Natgas JUL 25 down 0.4% at 3.71$/mmbtu
- US Natgas AUG 25 down 0.5% at 3.78$/mmbtu
- Lower 48 natural gas demand is up 0.71 bcf/d today and the highest since May 22 at 69.16 bcf/d. The previous five-year average for the time of year is around 65.2 bcf/d, BNEF shows.
- The average US Lower 48 temperature forecast continues to show a gradual warming over the coming two weeks to remain above seasonal normal levels. The NOAA 6-14 forecast shows mostly above or near normal temperatures across the US. The GFS 6z 15day has risen just over 1 TDDs nationally.
- Pipeline flows currently show US domestic natural gas production down another 0.3 bcf/d on the day at 103.95 bcf/d today and the lowest since Feb. 22. Production averaged 106.33 bcf/d over the previous 30 days, according to BNEF.
- Total feedgas flows to US LNG export terminals has partially recovered by 658 mmcf/d today to 13.3 bcf/d, Bloomberg shows, driven by a rebound in supply to Corpus Christi and Freeport. Maintenance continues to limit feedgas to Sabine Pass and Cameron.
- Export flows to Mexico are 252 mmcf/d higher on the day at 7.80bcf/d compared to a 30 day average of 7.67 bcf/d, BNEF shows.
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PIPELINE: Corporate Bond Update: Guidance Update
May-05 16:49
Expect corporate supply to issue soon after this afternoon's Tsy 3Y auction at the top of the hour.
- Date $MM Issuer (Priced *, Launch #)
- 05/05 $1.3B DTE Electric $300M 2Y +45, $500M 10Y +93, $500M 30Y +103
- 05/05 $Benchmark Apple Inc 3Y +25, 5Y +30, 7Y +40, 10Y +50
- 05/05 $Benchmark Comcast 7Y +85, 10Y +100, 30Y +122
- 05/05 $Benchmark General Motors 3Y +155, 5Y +170, 10Y +195
- 05/05 $Benchmark American Int Group 5Y +95, 10Y +112
- 05/05 $Benchmark Prologis +5Y +85, 10Y +103
- 05/05 $Benchmark ADP 7Y +63
US TSYS/SUPPLY: WI 3Y Holding Steady
May-05 16:45
- WI holding steady ahead of the $58B 3Y note auction (91282CND9) cut-off at 1300ET.
- 3Y WI is currently at 3.825%, 4.1bp cheap to last month's tail: 3.784% high yield vs. 3.760% WI
FED: US TSY 3Y AUCTION: NON-COMP BIDS $111 MLN FROM $58.000 BLN TOTAL
May-05 16:45
- US TSY 3Y AUCTION: NON-COMP BIDS $111 MLN FROM $58.000 BLN TOTAL
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