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NATGAS: Natural Gas End of Day Summary: Henry Hub Falls

NATGAS
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Henry Hub has lost ground today amid a largely expected, but below-average US storage withdrawal last week. 

  • US Natgas JAN 25 down 7.5% at 3.21$/mmbtu
  • US Natgas JUN 25 down 4.3% at 3.09$/mmbtu
  • The EIA weekly gas inventories for the week ending Nov. 22 showed a withdrawal of 2bcf.
  • This compares to the expectation for a withdrawal of 1bcf according to a Bloomberg survey, a 2bcf draw forecast in a WSJ survey, and a 1bcf build seen in a Reuters survey.
  • The previous five-year average suggested a switch to withdrawals of around 30bcf.
  • Total stocks are at 3,967bcf compared to the previous five-year average of 3,700bcf and 134bcf above levels seen a year ago.
  • Lower 48 natural gas demand is at 88.7bcf/d today, according to Bloomberg.
  • US LNG export terminal feedgas supply is estimated at 13.13bcf/d today, BNEF shows.
  • US domestic natural gas production was estimated up at the highest since early August at 104.7cf/d yesterday according to Bloomberg.
  • US total gas rig count was up 1 on the week at 100 rigs, according to Baker Hughes. This is down 16 rigs, or 13.8% on the year
  • Australia’s Woodside has begun preparing the restart of its Pluto LNG.
  • LNG supply and demand constraints are expected to ease due to a mild winter in Japan and a trend toward higher gas stocks in Europe, according to Jera.
  • LNG stockpiles held by Japanese utilities fell 9.65% w/w on Nov. 24 to 2.06m tons, according to data released by the trade ministry cited by Bloomberg.
  • Japan’s JERA said it does not see any impact from the Gazprombank sanctions because it does not use the bank for payments.
  • Asia’s LNG prices could reach over $20/MMBtu if European gas supply tightness this winter according to Goldman Sachs.
  • MNI Gas Weekly: Full piece here: https://media.marketnews.com/MNI_Gas_Weekly_Winter_Weather_Takes_the_Driver_s_Seat_f5571f3a24.pdf?utm_source=email&utm_medium=email&utm_campaign=20241127
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Henry Hub has lost ground today amid a largely expected, but below-average US storage withdrawal last week. 

  • US Natgas JAN 25 down 7.5% at 3.21$/mmbtu
  • US Natgas JUN 25 down 4.3% at 3.09$/mmbtu
  • The EIA weekly gas inventories for the week ending Nov. 22 showed a withdrawal of 2bcf.
  • This compares to the expectation for a withdrawal of 1bcf according to a Bloomberg survey, a 2bcf draw forecast in a WSJ survey, and a 1bcf build seen in a Reuters survey.
  • The previous five-year average suggested a switch to withdrawals of around 30bcf.
  • Total stocks are at 3,967bcf compared to the previous five-year average of 3,700bcf and 134bcf above levels seen a year ago.
  • Lower 48 natural gas demand is at 88.7bcf/d today, according to Bloomberg.
  • US LNG export terminal feedgas supply is estimated at 13.13bcf/d today, BNEF shows.
  • US domestic natural gas production was estimated up at the highest since early August at 104.7cf/d yesterday according to Bloomberg.
  • US total gas rig count was up 1 on the week at 100 rigs, according to Baker Hughes. This is down 16 rigs, or 13.8% on the year
  • Australia’s Woodside has begun preparing the restart of its Pluto LNG.
  • LNG supply and demand constraints are expected to ease due to a mild winter in Japan and a trend toward higher gas stocks in Europe, according to Jera.
  • LNG stockpiles held by Japanese utilities fell 9.65% w/w on Nov. 24 to 2.06m tons, according to data released by the trade ministry cited by Bloomberg.
  • Japan’s JERA said it does not see any impact from the Gazprombank sanctions because it does not use the bank for payments.
  • Asia’s LNG prices could reach over $20/MMBtu if European gas supply tightness this winter according to Goldman Sachs.
  • MNI Gas Weekly: Full piece here: https://media.marketnews.com/MNI_Gas_Weekly_Winter_Weather_Takes_the_Driver_s_Seat_f5571f3a24.pdf?utm_source=email&utm_medium=email&utm_campaign=20241127