End of Day Natural Gas Summary: Henry Hub Loses Ground

US Henry Hub has continued to lose ground compared to yesterday amid steady production and a dip in LNG flows weighed against pipeline maintenance and mixed weather forecasts across the country.

• US Natgas OCT 23 down -4.1% at 2.73$/mmbtu
• US Natgas MAR 24 down -1.7% at 3.23$/mmbtu
• The latest round of talks between Chevron and unions to avert further industrial actions at the firm’s two LNG export facilities left both sides without a deal, leaving the fate of strikes at the major export facilities in the hands of a workplace tribunal set to meet on Friday, a Chevron spokesperson said. Unions plan the next 24-hour stoppage on Thursday.
• Berkshire Hathaway Energy’s Cove Point LNG terminal began seasonal fall maintenance on 14 September, which will last for around four weeks, a spokesperson said.
• US domestic natural gas production is relatively unchanged this week at 101.3bcf/d yesterday compared to the dip to 100.5bcf/d last week and 99bcf/d this time last year.
• It would not be reasonable for the EU to ban imports of Russian LNG before 2025, Total’s CEO Patrick Pouyanne told a conference in Paris Sep. 19, according to Bloomberg.
• SEFE is set to obtain LNG from Russia for the first time since Germany nationalised the company during the 2022 energy crisis, according to Bloomberg.
• A new LNG terminal at Mukran on Ruegen Island in the German Baltic Sea should begin operations in Q1 2024, according to Reuters sources.
• LNG storage at major Japanese power utilities continued its downward trend and stood at 1.62mn tonnes on 17 September, 21.4%, or 0.44mn tons, below the five-year average according to ICIS.
• Beijing Gas' Tianjin LNG Terminal Project is to begin operations soon amid the completion of phase 1, according to OilChem.
• Russian companies supplied 3.27 bcm of gas to China via pipelines or LNG cargoes in July, according to Russia's Federal Customs Service (FCS) via Interfax.
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