Natural Gas End of Day Summary: Henry Hub Hovers at 7-Month Low

Henry Hub front month has plummet to a new 7-month low closing level. Milder weather and ample supply continue to add downward pressure to prices.

• US Natgas MAR 24 down -4.2% at 1.69$/mmbtu
• US Natgas AUG 24 down -1.4% at 2.34$/mmbtu
• US lower 48 gas production was yesterday still strong at 104.7bcf/d according to Bloomberg.
• Domestic natural gas demand has risen again to 94.8bcf/d today.
• The NOAA 6–14-day forecast has turned slightly warmer with US lower 48 expecting near normal for the coming week.
• Feedgas flows to US LNG export terminals are today at 13.8bcf/d according to Bloomberg.
• Global weekly LNG imports declined by 16% to 7.2mn tons as of 5-11 February, according to BNEF.
• Chesapeake Energy has signed a long-term deal to buy LNG from Delfin and then deliver to Gunvor.
• LNG delivered ex-ship to northwest Europe in March was the lowest since June 6 at $7.59/mmbtu according to data from Spark Commodities.
• The new 5.5bcm Alexandroupolis LNG import terminal in Greece is set to receive the first commissioning cargo with the arrival of the Gaslog Hong Kong according to ICIS LNG Edge.
• Sendout at Belgium’s 11.4m mtpa Zeebrugge LNG terminal is set to fall to its lowest monthly level since Dec. 21 as rising import capacity in Germany lowers demand from the terminal, Argus said.
• Saudi Aramco is increasing its natural gas capacity by 60% of the next few years, which may allow the producer to start exports, Upstream President Nasir Al-Naimi said, cited by Bloomberg.