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Natural End of Day Summary: Henry Hub Nearing $2/MMBtu

NATURAL GAS

Henry Hub front month is headed for its lowest close since last April amid curtailed LNG export flows. Domestic supply is stable having recovered from disruption during January.

  • US Natgas MAR 24 down -3.6% at 2.01$/mmbtu
  • US Natgas AUG 24 down -2.5% at 2.49$/mmbtu
  • US Natural Gas production forecasts for 2024 have been revised down in February to 104.37 bcf/d, compared to 105.04 bcf/d in Jan, according to the EIA’s Short Term Energy Outlook.
  • Feedgas supply to US LNG export terminals are today down to 13.09bcf/d according to Bloomberg.
  • US domestic gas production was yesterday relatively unchanged on the day at 104.2bcf/d according to Bloomberg.
  • BP’s CEO said Feb. 6 that he would be surprised if the company did not exceed its target of raising its LNG portfolio to 25m mtpa by 2025 having already reached 23m mtpa in 2023, according to Platts.
  • The total estimated quantity of LNG on tankers that has not unloaded for at least 20 days decreased by 2% last week to 2.86mn tons as of 4 February.
  • Global weekly LNG imports increased by 2% to 8.5mn tons during 29 January and 5 February amid higher shipments into Japan and South Korea according to BNEF.
  • PipeChina will put the Zhangzhou LNG terminal, located in Zhangzhou city in Fujian province, into use in H1 2024, according to OilChem.
  • Citigroup cut its estimates for global natural gas prices as a mild winter in all three major markets of North America, Europe and Asia limits demand according to Dow Jones.
Energy BulletsCommodities
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