Natural Gas End of Day Summary: Henry Hub Falls

Henry Hub has fallen on the day. Front month initially hit lows not seen at close since Oct. 5, but rebounded somewhat later in the day. High production and pockets of warmer weather have offset higher LNG export levels.

• US Natgas NOV 23 down -1.4% at 3.07$/mmbtu
• US Natgas APR 24 down -1.4% at 3.14$/mmbtu
• US domestic natural gas production was yesterday estimated up at a record high of 104.17bcf/d according to Bloomberg.
• Australia’s Fair Work Commission has not planned any hearings between the Commissioner, Chevron and the unions on 17 October, according to information from the commission's website, after several days of mediation talks that started 11 October.
• Natural gas deliveries to US LNG export facilities are holding up to the highest since April at 14.5bcf/d according to Bloomberg amid strong supplies to Sabine Pass relative to the flows seen in recent months.
• US domestic natural gas demand is still holding above the seasonal five year average at 73.16bcf/d today according to Bloomberg as the warmer than normal two week forecast cools.
• The weather forecast for West Coast regions has turned cooler than expected yesterday in the 6-14 day period, although the East Coast and Central regions remain with above average temperatures.
• European natural gas storage is up to the highest in over ten years at 97.95% full on 15 Oct according to GIE data after high end of season injection rates.
• LNG net import flows were at 285mcm/d on 15 Oct according to Bloomberg compared to approximately 375mcm/d seen this time last year.
• Global weekly LNG imports rose by 4% on the week to 7.5mn tons for October 9-15, as supplies into China and India increased according to BNEF.
• Aramco is looking at making additional investments into LNG, with some deals in the pipeline, according to its CEO Amir Nasser.
• The current LNG project pipeline won’t be enough to keep up with stronger than expected global demand with a long-term role for gas in the energy transition according to Kenichi Hori at Mitsui.
• The Republic of Congo is planning to start LNG exports for the first time in December, the Minister of Mines and Hydrocarbons Bruno Jean-Richard Itoua said, cited by Bloomberg.
• The first LNG cargo arrived at Finland’s Inkoo terminal on Tuesday following the blast of the Balticconnector pipeline earlier this month, vessel-tracking data showed.