End of Day Natural Gas Summary: Henry Hub Rises

US Henry Hub front month is trading higher on the day, although has relinquished some of the earlier gains after a build in US natural gas storage inventories in line with expectations.

• US Natgas NOV 23 up 1% at 2.93$/mmbtu
• US Natgas APR 24 up 1.1% at 3$/mmbtu
• The latest EIA weekly gas inventories for the week ending 22 Sep showed a build of +90bcf compared to a Bloomberg survey expecting a +89bcf build and the five-year average for this time of year of +79bcf.
• The total US inventories are maintaining above the five year average of 3,359bcf compared to the average of 3,142bcf.• Natural gas deliveries to US LNG export terminals are today unchanged from yesterday at 12.05bcf/d according to Bloomberg. Flows to Corpus Christi are still about 0.6bcf/d below normal and Cove Point is halted for maintenance.
• Domestic natural gas consumption is holding above the five year average with today estimated at 66.9bcf/d compared to the seasonal normal of around 63bcf/d. The latest NOAA two week outlook shows little changed from yesterday with above normal still expected in central and eastern areas but below normal temperatures in the west throughout the forecast.
• US domestic natural gas production is slightly lower at 100.9cf/d after drifting down from 102bcf/d on 25 Sep according to Bloomberg..Indian spot LNG procurement is failing to pick up amid higher prices, which is weighing on Asian LNG spot prices, that eased back from seven-month high earlier this week.
• JKM Oct 23 up 0.5% at 14.6$/mmbtu
• JKM-TTF Oct 23 down -0.6$/mmbtu at 1.78$/mmbtu
• LNG buyers are holding out for more flexible terms in long-term contract negotiations, according to Platts.
• Gazprom has completed its autumn's full-scale preventative maintenance work on the Power of Siberia pipeline according to an official statement by the company. The pipeline supplies gas from Russia to China.
• Pipeline exports from Norway to Europe are down 6.4% compared to 2022 amid a higher level of maintenance, but the country is ready to provide gas to the continent for the winter, Gassco’s CEO told Reuters.
• Spanish LNG sendout Sep. 27 rose to its highest level since Aug. 24, boosted by rising import demand from Germany, according to Argus.