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Natural Gas End of Day Summary: Henry Hub Falling

NATURAL GAS

US Henry Hub has sunk again near US close, although remains above its intraday low of $3.025/MMBtu. It has been trading lower during the day amid milder weather forecasts and robust production levels.

  • US Natgas DEC 23 down -0.6% at 3.09$/mmbtu
  • US Natgas MAY 24 down -0.8% at 3.07$/mmbtu
  • The EIA Weekly Natural Gas Storage Report will not be released today due to a planned systems upgrade. The EIA are still collecting the energy data and will release the two weeks on 16 Nov.
  • The latest NOAA two-week outlook is still suggesting warm weather for the 6-14 day period for central and eastern areas after cooler weather over the coming weekend. Domestic natural gas demand is edging higher today but still near normal at 76.9bcf/d according to Bloomberg.
  • Domestic natural gas production was yesterday just below the recent record at 105.7bcf/d according to Bloomberg with an average so far in October of 105.1bcf/d.
  • Feedgas delivery flows to US LNG export facilities have recovered slightly in the last couple of days driven by a rebound in Sabine Pass terminal supply. Delivery flows are up to 13.9bcf/d today from a low of 13.5bcf/d on 7 Nov according to Bloomberg.
  • Export flows to Mexico are today at 6.2bcf/d today after a dip lower over last weekend.
  • The share of gas as part of the US power generation mix will decline in 2024 to 41.4%, down 2.1 percentage points on the year, according to BNEF.
  • Floating LNG cargoes - LNG that was exported or re-exported at least 30 days ago and has not yet unloaded at a destination – remained high at 2.4mn tons as of 6 November, with around 25% of all volumes located around Europe, as mild temperatures, high storage levels and demand destruction are limiting demand according to the Bloomberg mapping tool.
  • Chevron’s 15.6mtpa Gorgon LNG export facility in Australia cancelled one planned November shipment due to an outage that led to reduced output from one production train, traders told Bloomberg.
  • LNG spot charter rates are increasing again with the Spark Atlantic spot freight assessment rising 26% since mid-October according to Timera Energy.
  • Asia will require more natural gas to ensure power supply amid the energy transition away from dirtier coal, according to Jera via Bloomberg.
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