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

Front month Henry Hub is set for a 4.6% net weekly gain. Freeport has returned after a temporary outage, while storage remains above the five-year average and production levels are strong.

• US Natgas OCT 24 down 1% at 2.12$/mmbtu
• US Natgas MAR 25 down 1.3% at 2.88$/mmbtu
• US gas rigs fell 2 on the week to 95, according to Baker Hughes. This is down 19 rigs, or 16.7% on the year.
• US natural gas storage likely saw a below-average build of 34 bcf in the week to Aug. 30, according to a preliminary Reuters survey.
• Waha natural gas prices have turned negative a record number of times in 2024, hitting an all-time low Aug. 30, Reuters said.
• US domestic natural gas production remains strong at 102.9bcf/d today, Bloomberg said.
• US LNG export terminal feedgas flows are estimated at 12.88bcf/d today, according to Bloomberg.
• Domestic natural gas demand has dropped further to 75.5bcf/d, Bloomberg said.
• Gazprom expects to begin flowing pipe natgas to China via the new 10bcma Far Eastern route from ‘the end of January 2027’.
• The global LNG market remains 'fragile' ahead of winter amid bullish LNG signals, Platts said.
• The number of US LNG export cargoes remained unchanged last week at 26, according to the EIA.
• Golden Pass LNG has asked the US FERC for a three-year extension to complete the Texas export project, Platts said.
• Asian spot LNG prices rose this week as outages in LNG facilities in Australia and Malaysia sparked supply concerns, Reuters said.
• Israel produced 2.50 bcf/d of gas in Q2, down fractionally on Q1 but the third highest on record, MEES said.
• Argentina’s Enarsa has awarded its LNG tender for two cargoes to Vitol, sources told Platts Aug. 30.