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Henry Hub Jumps

NATURAL GAS

Natural gas is on track for robust gains, taking it to the highest level since Feb. 13, with the rise attributed to planned output cuts from producers in 2024.

  • US Natgas MAR 24 up 12.3% at 1.77$/mmbtu
  • Producers such as Chesapeak, Antero, and Comstock, are set to scale back their natural gas drilling operations.
  • Chesapeake Energy announced its capital spending plan will fund around 2.65bcf/d to 2.75bcf/d of natural gas output in 2024, significantly below the firm’s previous output. “The company plans to defer placing wells on production while reducing rig and completion activity,” it said.
  • EQT, while set to increase output year-on-year, recently lowered its 2024 production guidance by 50 bcfe from mid-Jan to 2,200-2,300 bcfe.
  • US lower 48 gas production was yesterday down to 103.2bcf/d according to Bloomberg driven by lower Permian and Haynesville output.
  • Feedgas flows to US LNG export terminals are today down at 12.94bcf/d.
  • Domestic natural gas demand is down further today at 84.8bcf/d and back below the seasonal normal of around 90bcf/d.
Energy BulletsCommodities
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