Natural Gas End of Day Summary: Henry Hub Holding Gains

Henry Hub continues to hold its gains near US close, as a general geopolitical risk premium buoys global gas markets and colder weather forecasts for the lower 48 states support demand.

• US Natgas FEB 24 up 3.9% at 2.67$/mmbtu
• US Natgas JUL 24 up 1.2% at 2.75$/mmbtu
• A terrorist attack near the grave site of Iranian commander Qassem Soleimani in the central Iranian city of Kerman had added to tensions in the Middle East, already heightened due to yesterday's suspected Israeli drone attack which killed senior Hamas leader Saleh al-Arouri in the southern suburbs of Beirut.
• Natural gas inventories likely saw a below-average drop of 44 Bcf in the last week of December, amid a mild winter in the US hampering heating demand, according to a Wall Street Journal survey.
• Lower 48 natural gas demand is relatively unchanged on the day at 98.06bcf/d, according to Bloomberg.
• The latest weather forecast shows below normal temperatures spreading across from the west in the coming week but with above normal holding on the East Coast.
• US natural gas production today fell to 103.69bcf/d.
• Feedgas supplies to US LNG export terminals are down to 14.02bcf/d.
• India’s Petronet LNG – the country’s top gas importer – is likely to sign an extension deal this month with Qatar for LNG imports beyond 2028 according to India’s oil secretary Wednesday.
• Gazprom’s gas supplies to China via the Power of Siberia pipeline hit 22.7 bcm in 2023, according to a Telegram post by Gazprom, cited by Bloomberg.
• MNI COMMODITY WEEKLY: Middle East Geopolitical Threat Persists for Oil Markets – Full piece here: https://enews.marketnews.com/ct/x/pjJscQWAwegI6a9kdxF1Hg~k1zZ8KXr-kA8x6nCUsCgptIPjO1OcQ