Natural Gas End of Day Summary: Henry Hub Down on the Week

Henry Hub is up on the day but set for losses of around 23% since the start of the week. Front month is under pressure from below-expectation storage withdrawals, strong domestic production, and curtailed LNG exports.

• US Natgas MAR 24 up 1.5% at 2.08$/mmbtu
• US Natgas AUG 24 up 0.5% at 2.57$/mmbtu
• Lower 48 natural gas demand remains below normal amid warm weather this week with today estimated near yesterday at 90.0bcf/d.
• The NOAA forecast is relatively unchanged for the coming two weeks with below normal temperatures expected in the west and above normal in the east in the 6-14 day period.
• US domestic gas production remains strong with today estimated at 104.7bcf/d according to Bloomberg compared to an average of 104.5bcf/d in the previous week.
• Feedgas supply to US LNG export terminals are today down further to 13.78bcf/d according to Bloomberg.
• Approximately 250mtpa of incremental global supply is due online between now and 2030 according to the central case by Timera Energy including 98mtpa of permitted US supply.
• The Biden administration’s decision to pause new LNG export licenses will slow efforts to reduce climate-damaging emissions and is “a mistake” according to Exxon Mobil Corp via Bloomberg.
• Japanese LNG imports stood at just below 6mn tons in January, the lowest level for any January since 2009.
• Upcoming maintenance at Brazil’s Rota 1 offshore gas pipeline could boost support for LNG imports, according to Platts.