The cash price for Henry Hub plummeted on Sept. 21 as there was downward pressure in the region from decreased demand.
The cash price for Henry Hub fell 26.5 cents on the day to $1.32/MMBtu.
This was the fourth consecutive day that this location has decreased, losing close to 90 cents during this time. This is the lowest level this location has reached since December 1998.
Total Southeast and Texas demand averaged 34.31 Bcf/d so far this month, 3 Bcf lower than what demand averaged at this time last year, according to S&P Global Platts Analytics.
Population-weighted average temperatures both were around 7 degrees Fahrenheit below normal and temperatures are expected to stay below normal in both regions most of the week, according to Platts Analytics.
Specifically, Southeast demand sat at 19.4 Bcf on Sept. 21, 2.2 Bcf lower than what demand averaged in the previous seven days, according to Platts Analytics.
Total LNG feedgas demand was at 5.57 Bcf on Sept. 21, around 3 Bcf lower than what demand was at on Sept. 18, data from Platts Analytics showed.
Specifically, LNG feedgas demand at Sabine Pass sat at 2.73 Bcf on Sept. 21, 1.1 Bcf lower than levels that the facility saw on Sept. 18, according to Platts Analytics.
Flows to Cameron LNG remained at zero as Hurricane Laura damaged power transmission lines that feed the facility. The transmission lines could take until the end of October to be fully restored, however, partial power has started to be delivered to the facility, according to Platts Analytics.
Looking ahead, the NYMEX October Henry Hub contract fell 21.3 cents on the day to $1.835/MMBtu. Like spot prices, this contract has fallen nearly 50 cents since Sept. 14.
