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

Henry Hub has rebounded during the day to be trading higher, although has not fully reversed its losses earlier in the week. Front month is on track to fall around 0.75% on the week. Warmer weather and seasonally high US storage levels are limiting upside.

• US Natgas APR 24 up 0.2% at 1.82$/mmbtu
• US Natgas SEP 24 up 0.9% at 2.54$/mmbtu
• US domestic natural gas production is today estimated at 99.8bcf/d compared to an average of 100.7bcf/d so far in March.
• Lower 48 natural gas demand is holding in line with the average so far in March at 79.7bcf/d today to remain just below the previous seasonal five year average around 85bcf/d.
• The US weather forecast continues to show above normal temperatures to drive lower than average late season demand.
• Feedgas flows to US LNG export terminals are unchanged at 13.7bcf/d according to Bloomberg with the Freeport train outages expected to continue to mid-March.
• Baker Hughes: gas rigs down 4 to 115. Gas rigs have declined to their lowest level since November.
• Norway's Arctic Princess LNG vessel is diverting back to the Baltics after it initially headed to Barcelona for 8 March arrival, ICIS LNG Edge data showed.
• Europe’s energy crisis “has abated” with German gas inventories ending winter two-thirds full and injections possible next week according to Eurasia Group via Montel.
• Delfin Midstream is seeking a five-year extension for its LNG export authorizations from the US DOE for its floating LNG export project in the Gulf according to LNG Prime.
• European natural gas prices posted two consecutive weekly gains for the first time since September, as traders move to restocking, Bloomberg said