Natural Gas End of Day Summary: Henry Hub Falls

US Henry Hub front month traded lower, temporarily hitting a weekly low of $3.212 before rebounding slightly. Mixed weather forecasts and above average storage levels despite a declining surplus are providing downside. On the week, Henry Hub is down around 10 cents/MMBtu.

• US Natgas NOV 23 down -3.1% at 3.24$/mmbtu
• US Natgas APR 4 down -1.1% at 3.25$/mmbtu
• Natural gas deliveries to US LNG export facilities are today estimated at 13.68bcf/d according to Bloomberg driven by a dip in supply to Sabine Pass and Cameron after reaching the highest since April at 14.0bcf/d yesterday.
• US domestic natural gas demand is just above the seasonal five year average at 67.9bcf/d today according to Bloomberg ahead of the normal increase into the winter heating season. Cold weather expected in eastern areas in the coming days is forecast to warm back towards normal from mid next week as warm weather in the west spreads across the country.
• US domestic natural gas production is today estimated slightly higher up to 101.95bcf/d according to Bloomberg.
• Mediation between Chevron and the unions made progress again on Friday, but a union official said that talks are set to continue on Monday according to Reuters.
• Pakistan is discussing both the possibility of oil imports from Russia as well as LNG at present according to Pakistan's interim federal energy minister Muhammad Ali based on Interfax reports.
• The Finnish government will tighten access to key parts of the country’s Inkoo port, the location of an FSRU vessel for LNG imports, according to Reuters.
• Speculation of sabotage to the Balticconnector gas pipeline is increasing concern for energy infrastructure security again after concerns were raised following the Nord Stream damage in September 2022
• No gas has been found following offshore drilling at Lebanon’s block 9, according to Reuters’ sources.