Natural Gas End of Day Summary: Henry Hub Hits Early-May Low

Henry Hub front month is on track for its lowest close since May 2, driven by strong production, cooling temperatures, and disruption to US LNG export flows.

• US Natgas AUG 24 down 7.4% at 2.03$/mmbtu
• US Natgas JAN 25 down 2.3% at 3.52$/mmbtu
• US LNG export terminal feedgas flows are today still low at 10.76bcf/d according to Bloomberg although Freeport supply has edged up to 0.46bcf/day.
• US domestic natural gas production was down slightly to 101.7bcf/d yesterday compared to the average so far in July of 102.3bcf/d.
• The NOAA 6–14-day forecast shows below normal temperatures forecast in central areas.
• Export flows to Mexico are today at 6.7bcf/d according to Bloomberg.
• El Paso Natural Gas Company has experienced an equipment failure at its Seligman Compressor station, Arizona, with the facility now unavailable.
• US natural gas inventories likely increased by29 bcf in the week to July 12, according to a WSJ survey.
• Argentina’s Enarsa received bids from Gunvor, Total, Vitol, and Glencore for a 56.9 mcm cargo of LNG for Aug. 27-Sep. 2 delivery, Bloomberg said.
• LNG stockpiles held by Japanese utilities increased 10.6% w/w to 2.2m tons in the week to July 14 from 1.99m tons the previous week, according to data released by the trade ministry.
• Rolling blackouts in Egypt will be suspended from July 21 until mid-September, Prime Minister Mostafa Madbouly says in a press conference.
• Iranian Oil Minister Javad Owji said that natural gas will be shipped from Russia to Iran via an offshore pipeline as part of strategic agreement with Moscow, Bloomberg said.
• MNI GAS MARKET WEEKLY: Freeport LNG’s Delayed Restart Driving Global Gas Prices – Full piece here: https://enews.marketnews.com/ct/x/pjJscVDbxekI6a5kJUp2SA~k1zZ8KXr-kA8x6mXCcShptIPjO1OcQ