Natural Gas End of Day Summary: Henry Hub Edges Down

Henry Hub is losing ground on the day and is headed for a near 8.7% fall on the week. A slightly larger than expected injection into US natural gas storage last week has added pressure on the day. Meanwhile signs of milder weather and strong production have provided some further downside this week.

• US Natgas JUL 24 down 1.4% at 2.7$/mmbtu
• US Natgas DEC 24 down 1% at 3.73$/mmbtu
• The EIA weekly gas inventories for the week ending June 14 showed an injection of 71bcf compared to the Bloomberg expectation of +70bcf and the seasonal normal of +84bcf.
• Total stocks stand at 3,045bcf compared to the previous five-year average of 2,484bcf.
• Domestic natural gas demand is today estimated at the highest since early April at 76.4bcf/d according to Bloomberg.
• The two-week weather forecast has cooled slightly for the east and Midwest but remains above normal across most of the US through the 6-14 day forecasted period.
• US domestic natural gas production is today at 101.0bcf/d according to Bloomberg
• US LNG export terminal feedgas flows are today down to 12.31bcf/d, according to Bloomberg
• US total gas rig count was unchanged on the week at 98, down 24.6% on the year
• Chevron said Wheatstone restart activities are ongoing as Bloomberg reports an LNG vessel nearby suggesting a resumption of production soon.
• The Federal Energy Regulatory Commission is set to vote on Venture Global’s CP2 LNG export project in Louisiana at its June 27 meeting.
• Total European stores are up to 74.34% full on June 19 according to GIE.
• Chinese engineering firm Wison New Energies will discontinue all its ongoing projects in Russia and will indefinitely stop taking any new Russian business, according to Reuters.