Natural Gas End of Day Summary: Henry Hub Eases

Henry Hub has traded lower on the day, as above average temperature forecasts and robust stocks put pressure on prices, despite above average demand for this time of year.

• US Natgas DEC 23 down -2.1% at 2.79$/mmbtu
• US Natgas MAY 24 down -1.5% at 2.75$/mmbtu
• Domestic natural gas demand is holding above normal for the time of year at 91.7bcf/d according to Bloomberg having risen from below 80bcf/d just over a week ago.
• Domestic natural gas production is today estimated down slightly at 105.0bcf/d according to Bloomberg compared to an average of 105.7bcf/d over the previous week.
• Feedgas flows to US LNG export terminals are today estimated at 14.5bcf/d according to Bloomberg.
• The number of US LNG cargoes crossing the Panama Canal hasn’t changed much from 2022 as LNG’s priority slot has remained intact but this will end on Dec 1 according to Bloomberg.
• Russia gas supplies via the Power of Siberia pipeline to China have reached an all-time high according to Gazprom over the weekend.
• LNG deliveries to Europe and Turkey fell 13.5% last week to a four-week low of 3.2bcm, according to Montel citing Kpler ship-tracking data.
• As part of its strategic buffer, The Japanese government is looking at quadrupling its holding LNG volumes to at least of 840k mtpa by the mid-2020s, a government official told Platts.