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Natural Gas End of Day Summary: Henry Hub Furthers Losses

NATURAL GAS

Henry Hub is continuing to slide, remaining at levels not seen since mid-2020. Strong production, mild weather, high storage inventories, and curtailed LNG exports are weighing on prices.

  • US Natgas MAR 24 down -1.7% at 1.58$/mmbtu
  • Domestic natural gas demand is down on the day at 89.8bcf/d and in line with the previous five year average according to Bloomberg.
  • Feedgas flows to US LNG export terminals are today still curtailed at 13.2bcf/d amid the ongoing outage to Freeport train 3 since mid Jan.
  • Freeport feedgas flows have fallen by a further 0.5bcf/d today after seeing a similar dip after train 1 tripped over the weekend before recovering.
  • US lower 48 gas production was yesterday at 103.7bcf/d according to Bloomberg.
  • Egypt may pause LNG exports again during summer in order to meet domestic demand: Oil Minister
  • Russia is potentially aiming to produce 110mn tons of LNG by 2030 vs current levels of 33mn tons according to Deputy PM Alexander Novak.
  • Global weekly LNG imports increased by 12% to 8.1mn tons during 12-18 February, driven by higher imports from Japan, South Korea and Northwest Europe according to BNEF.
Energy BulletsCommodities
Energy BulletsCommodities

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