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Natural Gas End of Day Summary: Henry Hub Falls

NATURAL GAS

Henry Hub front month is now trading lower, despite a slightly smaller than expected build in US natural gas storage inventories and rising feedgas flows to LNG terminals.

  • US Natgas NOV 23 down -1.5% at 3.33$/mmbtu
  • US Natgas APR 24 down -0.2% at 3.27$/mmbtu
  • The latest EIA weekly gas inventories for the week ending 6 Oct showed a build of +84bcf compared to a Bloomberg survey expecting a +86bcf build and the five-year average for this time of year of +101bcf.
  • The total US inventories surplus has closed slightly again this week, but stocks are still above normal at 3,529bcf compared to the average of 3,344bcf.
  • Feedgas flows to US LNG export facilities are today estimated at the highest since April at 13.93bcf/d according to Bloomberg boosted by the return of Cove Point LNG flows suggesting the end of maintenance.
  • Domestic natural gas demand is down near seasonal normal levels at 66.3bcf/d today according to Bloomberg.
  • European natural gas demand is expected to be 17% below the 2017-2021 average, while a slow demand recovery is expected between 2024 and 2026 according to ICIS.
  • German natural gas consumption last week stood 37% below the 2018-2021 average, largely driven by lower demand from households and small businesses, Bnetza data showed.
  • Norwegian pipeline supplies to Europe are today nominated up to 326.6mcm/d.
  • Germany could still run into natural gas supply problems this winter despite high gas storage levels, storage operators group INES said, cited by Reuters.
  • LNG net import flows are estimate at 357.8mcm/d on 10 Oct according to Bloomberg after rising above the recent average of around 295mcm/d to 350mcm/d the previous day.
  • India’s GAIL has issued a swap tender offering one LNG cargo for loading in the US in exchange for one LNG cargo for delivery to India in January, according to Reuters sources.
  • US LNG exports could rise about 11% yr/yr to approximately 89m tons (11.75bcf/d) in 2023 according to Bloomberg analysis.
  • Pakistan is interested in receiving LNG from Russia, according to Russia’s Energy Minister Nikolay Shulginov
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