Natural Gas End of Day Summary: Henry Hub Continues Fall

Henry Hub has furthered its losses Feb. 19, continuing the downward trajectory in place since January. Prices are falling amid robust supplies and muted demand.

• US Natgas MAR 24 down -3.1% at 1.56$/mmbtu
• Domestic natural gas demand is slightly down on the day at 94.3bcf/d after edging slightly above normal over the weekend according to Bloomberg.
• US lower 48 gas production is today down to around 103.4bcf/d according to Bloomberg.
• Feedgas flows to US LNG export terminals are today at 13.3bcf/d.
• US President Joe Biden is facing pushback in his own Democrat party over his pause on approving new LNG projects.
• Europe will be well supplied with US LNG despite the project pause according to US Secretary of State Amos Hochstein.
• Guyana President Irfaan Ali called for an immediate development of its gas resources to make the nation a regional energy powerhouse, according to Bloomberg.
• Red Sea shipping disruptions would limit the arrival of products to customers in the long-term, Qatar’s energy minister, said.
• Qatar will announce additional LNG contracts with Asian and European buyers, Saad Al-Kaabi, Qatar’s energy minister, said.
• Chevron announced on Sunday the second phase of the expansion of Israel’s Tamar natural gas field.
• The share of spot LNG trade in the global market fell to a new low of 26% in 2023 according to ICIS.
• Germany LNG terminal operator DET has been granted provisional approval to continue operating the FSRU at Brunsbüttel, according to Platts.