Natural Gas End of Day Summary: Henry Hub Falters

US natural gas prices have traded lower consistently throughout the day. Near record output, coupled with expectations of falling heating demand due to milder weather forecasts are putting pressure on prices.

• US Natgas JAN 24 down -4.6% at 2.69$/mmbtu
• US Natgas JUN 24 down -3% at 2.72$/mmbtu
• Temperatures across much of the US are expected to hold above normal throughout the coming two-week period except for nearer to normal temperatures in Western areas in the 6–10-day period according to NOAA. US natural gas demand is just below the previous five-year average at 88.75bcf/d according to Bloomberg.
• Feedgas flows to US LNG export terminals are today estimated at 14.54bcf/d according to Bloomberg compared to an average of 14.18bcf/d seen in November. Flows have recovered from lows of 13.35 bcf/d the previous week as Sabine Pass’ intake returns to normal levels.
• Domestic natural gas production increased over the weekend back up towards the record level of 106.5vcf/d seen on Nov 27 according to Bloomberg after the small dip late last week.
• Venture Global, US natural gas exporter involved in disputes over supply agreements, will supply major European customers by the end of 2024, according to Bloomberg.
• LNG Supplies into Europe’s European gas transport system hit their highest level in six-months, according to TASS citing GIE data.
• Delivered imports of LNG into Europe so far in December have hit 1.39m mt, according to Platts.
• Egypt loaded another LNG cargo on Saturday from its Idku terminal, ICIS data showed, indicating the facility is back in steady operations following the halt to exports between 12 October and 22 November.
• Production and loadings at the 9mtpa Australia Pacific LNG terminal resumed, as the first vessel departed on 2 December according to ConocoPhillips and LSEG ship-tracking data.