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

Henry Hub has maintained most of its gains on the day, supported by a smaller than expected injection into US natural gas storage last week.

• US Natgas OCT 24 up 4.9% at 2.25$/mmbtu
• US Natgas MAR 25 up 1.1% at 2.94$/mmbtu
• The EIA weekly data for the week to August 30 showed an injection of 13bcf compared to a Bloomberg forecast of 27bcf and the seasonal normal injection of 45bcf.
• US storage inventories however still hold a surplus of 323bcf.
• US natural gas storage is on track to end the April-October summer injection season at a four-year high of 3.908 Tcf, Reuters estimates.
• Domestic natural gas demand remains stable at 71.6bcf/d, Bloomberg said.
• Lower 48 temperatures are forecast to drop below normal into the weekend before rising back above normal next week.
• US domestic natural gas production dipped to 100.49bcf/d yesterday, Bloomberg said, compared to an average of 102.6bcf/d over the previous week.
• US LNG export terminal feedgas flows are estimated at 13.25bcf/d today, according to Bloomberg.
• US LNG exports in August rose 10.4% from July and 5% higher than August 2023 at 7.35 mt: Kpler.
• The Matterhorn Pipeline in Texas was moving small amounts of gas from the Permian basin, Reuters said.
• Chinese gas importers have added two more LNG terminals, Bloomberg said.
• Shell’s LNG long-term deal with Turkey’s Botas for 4 bcm/y of gas on a hybrid formula, according to Platts.
• Bangladesh will resume purchasing LNG from the spot again after a two-month hiatus.
• Asian LNG price declines in recent days have prompted increased interest from buyers in India with the fuel more competitive against alternatives.