Natural Gas End of Day Summary: Henry Hub Falls

Henry Hub front month has lost ground as US close approaches to be trading lower on the day. EIA data showed an inventory build broadly in line with expectations.

• US Natgas AUG 24 down 0.8% at 2.42$/mmbtu
• US Natgas JAN 25 down 0.3% at 3.72$/mmbtu
• The EIA weekly gas inventories for the week ending June 28 showed an injection of 32bcf compared to the expectation for an injection of 30bcf according to a Bloomberg survey and the seasonal normal injection of 69bcf.
• Despite the below normal increase in recent weeks, the US storage inventories continue to hold above the previous five-year range, with total stocks at 3,134bcf compared to the previous five-year average of 2,638bcf.
• US domestic natural gas production was yesterday holding relatively steady at 101.85bcf/d, according to Bloomberg
• US LNG export terminal feedgas flows are today estimated at 12.3bcf/d, according to Bloomberg.
• Domestic natural gas demand is today up to 76.2bcf/d today according to Bloomberg.
• LNG stockpiles held by Japanese utilities increased 0.97% w/w to 2.09m tons in the week to June 30.
• LNG imports into Europe fell 20% year on year in H1 2024 to 54.92m mt, the lowest level since H1 2021, Platts said.
• Trades reported during the physical LNG Platts MOC reached a year-to-date high in June, Platts said.
• LNG spot charter rates in the Atlantic basin have continued to strengthen since May, facing a late June rally.
• African LNG producers exported 20.31m mt of LNG in H1 2024, down 6% on the year, Platts said.
• Russian pipe natural gas and LNG supply to Europe was again greater than US LNG arrivals in Jun-24, ICIS said.
• Indian state-controlled Gail is offering an LNG cargo swap tender for August loading.
• MNI Gas Weekly - Full piece here: https://roar-assets-auto.rbl.ms/files/65094/MNI%20Gas%20Weekly%20-%20%20Prices%20Ease%20Back%20as%20Supply%20Concerns%20Ease.pdf