Natural Gas End of Day Summary: Henry Hub Eases Back

Henry Hub has tracked the easing in European gas prices to be lower on the day. A clear timeline for the Norwegian gas facility repairs has helped to eased upside pressure on European prices today.

• US Natgas JUL 24 down 6.3% at 2.58$/mmbtu
• US Natgas DEC 24 down 2.4% at 3.53$/mmbtu
• Norwegian pipeline supplies to Europe are today at 263.5mcm/d with an uncertain duration of the unplanned outage at the Nyhamna plant due to transport restrictions at Sleipner riser according to Gassco.
• US domestic natural gas production was yesterday at 99.6bcf/d according to Bloomberg.
• US terminal feedgas flows are stable at 13.06bcf/d according to Bloomberg.
• Domestic natural gas demand is today estimated above the previous five-year range up at 69.2bcf/d according to Bloomberg.
• The latest NOAA forecast is unchanged from yesterday with above normal temperatures in western areas and on the Gulf Coast.
• Global LNG imports fell 12% in the week to June 2 to 7.06m metric tons, according to BNEF driven primarily by a drop in Europe.
• Net LNG imports increased 2.1% in 2023 to 401mt but with a slowdown following 5.6% growth in 2022, according to the GIIGNL 2024 Annual Report.
• Qatar's state-owned QatarEnergy today announced a 10-year supply agreement with Japan's Idemitsu Kosan
• TotalEnergies is set to increase LNG deliveries to Asia with two new medium and long-term contracts.
• Shell-led LNG Canada could deliver its first cargo earlier than planned: Reuters.
• The Turkstream natural gas pipeline will undergo planned maintenance and repairs for gas days from June 4-10 and June 15-19: BOTAS.
• Long-term LNG contract prices of around 12% indexation to Brent should continue to fall, according to Platts.
• Turkey’s President Erdogan that the start of flows of Azeri gas to Europe via Turkey are just a matter of time, according to Interfax.