NatGas End of Day Summary: Henry Hub Falls

Henry Hub extended its losses on the day, with downside driven by ongoing works at the Freeport LNG export terminal and high end of season storage levels.

• US Natgas APR 24 down 2.5% at 1.7$/mmbtu
• Total feedgas flows to US LNG export terminals is today estimated at 13.47bcf/d according to Bloomberg.
• Lower 48 natural gas demand is holding just above normal at 82.7bcf/d compared to seasonal normal around 77bcf/d with a cooler US temperature forecast.
• The two-week weather outlook shows below normal temperatures in central and western areas but holds on to above normal on the east coast.
• US domestic natural gas production is today down near levels seen this time last year at 99.7bcf/d according to Bloomberg.
• The CEO of US gas producer EQT warned that a lack of pipelines and storage facilities could trigger dramatic price swings in the coming years according to Bloomberg.
• New US LNG project costs have nearly doubled over the past eight years cutting profit margins as long-term contract LNG prices have dropped according to Freeport CEO, Michael Smith.
• The Biden administration’s pause on new LNG export permits is a gift to competitors, energy industry executives said at CERAWeek, cited by Argus.
• The US government’s study on LNG export facilities is likely to be concluded this calendar year, US Energy Secretary Jennifer Granholm said Wednesday.
• Collaboration between Latin American countries and infrastructure planning are important for boosting the regions LNG exports, according to Argus.
• Saudi Aramco will increase gas output by 60% by 2030, its Executive Vice President for Strategy and Corporate Development Ashraf Al Ghazzawi said March 20, cited by Reuters.
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