Natural Gas End of Day Summary: Henry Hub Finds Strong Gains

Henry Hub is set for strong gains on the day as a heat wave across parts of the US boosts cooling demand for natural gas.

• US Natgas JUL 24 up 4.2% at 2.9$/mmbtu
• US Natgas DEC 24 up 2.6% at 3.83$/mmbtu
• Domestic natural gas demand is today holding at the highest since early April up at 73.95bcf/d according to Bloomberg.
• The latest NOAA 6–14-day forecast remains unchanged on the day with above normal temperatures expected across most of the Lower 48 throughout the coming two week period.
• US cities are breaking decades-old temperature records this week as a heatwave stretches across the central and eastern parts of the country, according to Reuters, citing the National Weather Service.
• EPNG is further extending the line 2000 anomaly repairs downstream of its Casa Grande Compressor station. EPNG also declared an FM at the Amarillo station, according to Bloomberg.
• US domestic natural gas production was yesterday up to 101.1bcf/d according to Bloomberg with a slight recovery since reaching a low of 98.99bcf/d on June 12.
• US LNG export terminal feedgas flows are today at 12.5bcf/d, according to Bloomberg.
• China imports of LNG rose 3.4% y/y in May while January to May imports were up 18.1%, GACC data showed.
• The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days rose again by 16% last week to the highest since November to 4.67m mt June 16, Bloomberg said.
• Global LNG imports rebounded 18% in the week to June 16 to 7.66m mt, BNEF said.
• JKM prices break above the oil-indexed range for the first time since December amid tightening fundamentals ahead of the Asian cooling season, according to IEA analyst Greg Molnar.