Natural Gas End of Day Summary: Henry Hub in Retreat

Henry Hub prices are extending their losses today as high production levels outweigh rising cooling demand amid hotter weather.

• US Natgas SEP 24 down 4.7% at 2.03$/mmbtu
• US Natgas FEB 25 down 1.4% at 3.31$/mmbtu
• US domestic natural gas production remains strong today estimated at 103.6bcf/d after rising to just below 104bcf/d yesterday.
• US LNG export terminal feedgas flows are estimated up to 13.18bcf/d according to Bloomberg.
• Domestic lower 48 natural gas demand has risen again to 83.0bcf/d today: Bloomberg
• Current survey estimates for US natural gas inventory build in week to July 26: +34 (WSJ), 39 bcf (Reuters), 32 bcf (Bloomberg).
• The latest NOAA forecast still shows above normal temperatures across most of the country throughout the coming two weeks.
• Spot natural gas prices at the Waha hub in West Texas turned negative today for the third time in July and a record 22^nd time in 2024, indicating that the need for more pipelines.
• Out-of-control wildfires are threatening 9k boe/d of Canadian gas output, Bloomberg said.
• LNG stockpiles held by Japanese utilities fell 8.5s1% w/w to 2.15m mt in the week to July 28, trade ministry data showed.
• Investment fund net long positioning in ICE TTF futures remained relatively unchanged last week, according to the commitment of traders’ data for the week to July 26.
• The LNG vessel Shandong Juniper has diverted away from its previous location of El Salvador towards Asia: ICIS.
• First gas from the delayed Greater Tortue Ahmeyim FLNG project is expected over the next 3-4 months, BP’s CEO said.
• A proposed LNG export terminal in Argentina would be built in the San Matias Gulf in Rio Negro, Bloomberg said.
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