Natural End of Day Gas Summary: Henry Hub Set For Weekly Gain

Henry Hub front month has extended yesterday’s losses as a high storage surplus and mild weather add downside. However, Henry Hub is set for weekly gains of 1.3%

• US Natgas MAR 24 down -7.6% at 1.6$/mmbtu
• US gas production continues to edge slightly lower this month down to the lowest since 23 Jan at 102.4bcf/d today.
• Output however remains above levels seen this time last year amid market concerns this week for producer output this year.
• Feedgas flows to US LNG export terminals are today at 13.54bcf/d according to Bloomberg with a drop in Corpus Christi flows offsetting a recovery in Sabine Pass supply.
• Mild weather is forecast to persist for much of the US in the coming fortnight as the NOAA 6-14 period still shows above normal temperatures in central and eastern areas but slightly below normal on the west coast.
• Lower 48 natural gas demand is estimated relatively unchanged from yesterday at 82.0bcf/d according to Bloomberg.
• Resources mostly indexed to Brent crude prices.
• FERC said on Friday it would decide on Venture Global’s one-year extension plan within 45 days, it said in a statement.
• China Gas purchased an LNG cargo on a Des basis for April delivery at around $8.30/mmbtu earlier this week, traders told Bloomberg.
• QatarEnergy is due to make an announcement on Sunday that will have a “significant” impact on the industry, a source told Reuters.
• Croatia is seeking talks to resolve Bosnia's block in approving a pipeline project, supported by the US and EU, to help move away from Russian gas supplies.