Natural Gas End of Day Summary: Henry Hub Climbs

Henry Hub jumped during US hours, rising temporarily above $2/MMBtu, and putting it up on the previous day. Plans from producers to curtail output is likely adding support.

• US Natgas APR 24 up 2% at 1.96$/mmbtu
• US Natgas SEP 24 up 0.4% at 2.63$/mmbtu
• US domestic natural gas production was yesterday at 101.0bcf/d according to Bloomberg after seeing a steady decline from around 105bcf/d on Feb.7.
• Uncertainty over the strength of US producer output this year has helped support Henry Hub prices after falling to a low in mid-February.
• Feedgas flows to US LNG export terminals are today down to 12.8bcf/d according to Bloomberg.
• Lower 48 natural gas demand is estimated at 77.0bcf/d today to remain below the seasonal five-year average of around 86bcf/d.
• Global weekly LNG imports rose by 12% to 8.9mn tons during 26 February and 3 March, driven by an increase in shipments to South Korea and China, continuing the recovery after the Lunar New Year Holiday.
• Chinese LNG imports in the first two months of this year rose to 13.64mn tons, surpassing 2021 levels of 13.56mn tons, Kpler data showed.
• New Fortress Energy's new 1.4mtpa Fast LNG project offshore Altamira, Mexico looks to have received cool-down volumes ahead of the start of production according to ICIS.
• Ukraine’s top Energy Minister has ruled out any commercial agreements to allow Russian gas to flow through the country after the current agreement expires this year, according to Bloomberg.