Henry Hub daily
US natural gas prices up higher by nearly 6% today after EQT announced a 1 Bcf curtailment from late-February through March. Henry hub prices are up 10.7 cents to $1.942, the highest in nearly a month.
EQT said the move was “in response to the current low natural gas price environment resulting from warm winter weather and consequent elevated storage inventories.”
Two weeks ago Chesapeake Energy helped to turn the natural gas market by announcing it would lower capex and reduce 2024 production by around 0.8 Bcf.
EQT’s move is shorter term:
The Company expects to maintain this curtailment through the month of March and will reassess market conditions thereafter.
US natural gas storage levels are extremely high due to a mild winter.
In the oil market, Occidental announced it was trimming Permian spending by $320 million and idling two rigs.