Natural Gas End of Day Summary: Henry Hub Climbs

Near term US Henry Hub finished the day trading higher, despite a dip into losses near the US close. Higher lower 48 gas demand weighed against lower feedgas flows to LNG terminals.

• US Natgas JAN 24 up 0.5% at 2.71$/mmbtu
• US Natgas JUN 24 up 0.4% at 2.74$/mmbtu
• Feedgas flows to US LNG export terminals are today down slightly to 14.14bcf/d according to Bloomberg driven by a 0.7bcf/d drop in supply to Sabine Pass LNG. Sabine Pass supplies have been volatile recently having seen similar declines twice last week.
• US lower 48 natural gas demand is higher on the day to 91.1bcf/d according to Bloomberg but in line with normal and following the seasonal trend higher. Temperatures are generally forecast to hold above normal in the coming two weeks although above normal temperatures in the East and West Coast in the 6–10-day period could cool back closer to normal later in the forecast.
• Domestic natural gas production held steady just below record levels yesterday at just over 106bcf/d according to Bloomberg compared to 100.4bcf/d in the first week of December last year.
• The total estimated quantity of LNG tankers that have not unloaded for at least 20 days decreased by 0.4% last week to 4.07mn tons as of 3 December, according to Bloomberg estimates.
• The LNG vessel Symphonic Breeze was flagged by ICIS as signaling for Australia’s Prelude a couple of weeks ago, which it said at the time could have been indicating its imminent startup but now is unclear.