Natural Gas End of Day Summary: Henry Hub Extends Losses

Henry Hub continued its bearish trend with further losses March 13. High storage levels and lower LNG feedgas flows added further pressure as winter heating season comes to an end.

• US Natgas APR 24 down 3% at 1.66$/mmbtu
• US Natgas SEP 24 down 0.1% at 2.48$/mmbtu
• Henry Hub has been on a downward trajectory since March 8. Despite an intraday rally March 12, front month reversed its gains to end the day trading lower.
• Total feedgas flows to US LNG export terminals are today estimated at 12.9bcf/d according to Bloomberg.
• Lower 48 natural gas demand is today relatively unchanged and still below normal at 73.0bcf/d.
• US domestic natural gas production is today down again slightly to 100.2bcf/d
• Lower spot prices in Asia for LNG have yet to spur a significant demand rebound, although there is increased appetite from price elastic buyers in India and China, Reuters said.
• US Freeport LNG exports fell to below 1mn tons in February, compared to previous highs of 1.4mn tons, due to the outage at Freeport’s Train 3 since mid-January according to ICIS.
• The US FERC has asked Venture Global to explain why it has extensively filed confidential documents in its Calcasieu Pass LNG export terminal, Reuters said.
• - MNI COMMODITY WEEKLY: Renewed Interest in Drone Strikes on Russian Energy Infrastructure – Full piece here: https://enews.marketnews.com/ct/x/pjJscQfan-QI6a9uIhp0TA~k1zZ8KXr-kA8x6nACJ6sptIPjO1OcQ