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

Henry Hub has retreated from its intraday high of $2.54/MMBtu as US close approaches but remains set for strong gains on the day. Today’s rise is supported by a rebound in export feedgas flows into LNG terminals and lower natgas production. Henry Hub remains down around 3.25% since the start of the week.

• US Natgas JAN 24 up 4.4% at 2.5$/mmbtu
• US Natgas JUN 24 up 1.5% at 2.56$/mmbtu
• Domestic natural gas production dipped to 104.78bcf/d, compared with the 30-day moving average of 105.61bcf/d amid lower slight dips in production in most basins.
• Lower 48 natural gas demand declined to 94.15bcf/d, down from 98.9bcf/d a day earlier.
• The NOAA weather forecast has been slightly adjusted with some near-normal temperatures on the East Coast, while the rest of the US is seeing temperatures above the average for the remainder of the month.
• Feedgas flows to US LNG export terminals rose to 15.09bcf/d, up from 14.10bcf/d yesterday and above the 30-day moving average of 14.41bcf/d, driven by higher flows to the Corpus Christi and Freeport terminals.
• Trafigura bought two January LNG cargoes for the delivery to Northeast Asia via Platts’ MOC window, traders told Bloomberg.
• Gazprom expects a large increase in LNG capacity in the long-term, according to Deputy Head of the Department - Head of the Directorate at Gazprom Kirill Polous.