Natural Gas End of Day Summary: Henry Hub Falls on Week

Henry Hub is on track for net losses on the week of around 3.8%, despite rising cooling demand and a recovery in LNG flows. Strong production levels continue to add a counterweight.

• US Natgas AUG 24 down 3% at 2.61$/mmbtu
• US Natgas JAN 25 down 1% at 3.82$/mmbtu
• The US gas rig count was down by 1 on the week to 97, down by 27 rigs, or 21.8% on the year according to Baker Hughes.
• Prices have also turned negative at the Texas Waha hub due to bottlenecks for flows of gas from the Permian Basin.
• US domestic natural gas production was yesterday holding steady at 101.2bcf/d: Bloomberg.
• US LNG export terminal feedgas flows are today estimated up to 12.9bcf/d: Bloomberg.
• Domestic natural gas demand is down again to 71.5bcf/d according to Bloomberg from a recent high of 77.9bcf/d on June 26.
• Total European stores are up to 76.2% full on June 26 according to GIE compared to the five-year average of 66.1%.
• High temperatures in Egypt saw its power demand rise to its highest in history at 3500 megawatts on Thursday: Attaqa.
• Russia's Gazprom will start annual pipeline gas exports to China of 10 bcm metres in 2027 according to its CEO.
• Indonesia’s Tangguh LNG facility is currently working to restore production from Train 2
• The Panama Canal recovery is unlikely to restore the number of LNG transits of the choke point, according to BNEF.
• The number of US LNG export cargoes rose to 29 last week, according to the EIA .
• A rescheduled LNG cargo that Argentina’s state-run Enarsa rejected from Gunvor in 2023 is now sailing with Algerian LNG to the Escobar terminal.
• Colombia’s state-energy company Ecopetrol is in talks with suppliers of LNG as the nation’s domestic gas production declines.