Natural Gas End of Day Summary: Henry Hub Holds Gains

Henry Hub Has maintained its gains to be trading higher at US close, although it is down from its intraday high of $2.382/MMBtu. While LNG flows are lower, production has also fallen this week, with temperatures forecast to be above normal also.

• US Natgas JAN 24 up 1.2% at 2.34$/mmbtu
• US Natgas JUN 24 up 4% at 2.46$/mmbtu
• Domestic natural gas production has dipped down to 104.7bcf/d according to Bloomberg with a drop in Haynesville and Anadarko supplies. Lower 48 output has averaged 105.6bcf/d so far in December.
• Lower 48 natural gas demand is relatively unchanged on the day and still just above the five year average at 97.2bcf/d today according to Bloomberg. The NOAA weather forecast is still showing above normal temperatures across most of the US through the rest of December.
• Demand from US LNG export terminals are today at 14.2bcf/d according to Bloomberg with feedgas to Corpus Christi LNG about 0.8bcf/d below recent levels on Dec 12-13.
• Libyan natural gas flows to Italy will be halted until Friday due to an unplanned maintenance at the Mellitah oil and gas treatment plant, after which exports are expected to gradually resume, Eni said, cited by Montel.
• LNG stockpiles held by Japanese utilities increased by 16% on the week to 2.54mn tons as of 10 December, the highest level since May, according to data released by the trade ministry, cited by Bloomberg.
• LNG capacity utilization rates at Chinese facilities continued the downtrend last week and rates among 246 LNG plants fell to 52.6% on average for the week ending 7 December, down by 0.93 percentage points on the week, OilChem data showed.
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