End of Day Natural Gas Summary: Henry Hub Falls

US Henry Hub has fallen later during the day as a fall in feedgas to the US’ largest LNG terminal offsets a small increase in domestic demand.

• US Natgas OCT 23 down -1% at 2.61$/mmbtu
• US Natgas MAR 24 up 0.6% at 3.23$/mmbtu
• Feedgas flows to Cove Point LNG are still halted due to maintenance and Sabine Pass flows have also fallen today to 4.1bcf/d after briefly recovering up to 4.5bcf/d on 23 Sep. Total natural gas delivery flows to US LNG export terminals are today estimated down at 12.0bcf/d.
• Domestic natural gas consumption has edged back above normal for the time of year up to 67.5bcf/d with a mixed US weather forecast. The two week weather forecast is relatively unchanged from last week with below normal temperatures expected on the West Coast and above normal elsewhere, especially in central areas.
• US domestic natural gas production was yesterday at 101.7bcf/d and just slightly higher than output seen over the previous week of around 101.3bcf/d.
• Export flows to Mexico are today estimated down slightly from last week at 6.6bcf/d.
• Temperature forecasts for the next 6-10 days are above average for the central and Eastern parts of the USA.
• The last major bit of infrastructure required for Mexico’s first floating LNG plant is set to depart from a Texas shipyard this week.
• Chevron failed to provide the unions with an agreement that incorporates agreed bargaining outcomes and the recommendations of the Fair Work Commissions according to the Offshore Alliance.
• The expansion of Qatar’s North Field LNG project is going well and there is a possibility of selling all of the LNG capacity from the project by the end of this year, Qatar's Minister of State for Energy Affairs said.
• China’s imports of LNG in August rose 7.81% on the month to 6.30m mt, according to the General Administration of Customs of China.
• BP’s planned 2.5mtpa Greater Tortue Ahmeyim LNG development on the maritime border of Senegal and Mauritania has been delayed to 2024, from this year previously scheduled, because of pandemic-related issues and disputes with contractors, the firm said.