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

Henry Hub has closed higher, with cooling weather in H2 November offsetting the recovery in production levels. 

• US Natgas DEC 24 up 3% at 2.99$/mmbtu
• US Natgas MAY 25 up 1.8% at 2.89$/mmbtu
• WSJ and Reuters surveys both showed that US natural gas inventories likely increased by 44 Bcf in the week to Nov. 8.
• US domestic natural gas production has rebounded back up to 100.4bcf/d today, according to Bloomberg.
• US dry natural gas production across 2024 has been revised down 0.2 bcf/d to 103.3 bcf/d, according to the EIA’s STEO.
• Lower 48 natural gas demand is up again to 81.5bcf/d to hold roughly in line with previous five-year average, according to Bloomberg.
• The NOAA forecast shows a mixed picture with below normal temperatures in the west spreading further across the country in the coming two weeks but with above normal temperatures mostly holding in the east.
• US LNG export terminal feedgas is estimated up to 13.74bcf/d, BNEF shows.
• LNG feedgas demand from new facilities under construction in the US will grow to 1.1 bcf/d by March 2025, according to BNEF.
• US Henry Hub spot prices for 2024 have been cut by 11 cents/MMBtu to $2.17/MMBtu, according to the EIA in its November Short Term Energy Outlook.
• Devon Energy is now selling most of its Permian natural gas production outside of Waha: Natural Gas Intelligence.
• LNG stockpiles held by Japanese utilities rose 4.25% w/w on Nov. 10 to 2.21m mt.
• Venture Global LNG said on Tuesday it had asked federal regulators for permission to introduce LNG to its first unit at its Plaquemines facility in Texas.
• MNI Gas Weekly: Trump Victory Brews Uncertainty for Gas Markets: See pdf here: https://roar-assets-auto.rbl.ms/files/69145/MNI%20Gas%20Weekly%20-%20Trump%20Victory%20Brews%20Uncertainty%20for%20Gas%20Markets.pdf