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Natural Gas End of Day Summary: Henry Hub Loses Ground

NATGAS
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Henry Hub has slumped today despite a smaller than expected US storage injection. A slight fall in LNG feedgas flows is likely putting pressure on the front month.

  • US Natgas JUN 24 down 6.5% at 2.66$/mmbtu
  • US Natgas NOV 24 down 2.7% at 3.27$/mmbtu
  • EIA data for the week to May 17 showed an injection of 78bcf compared to expectations of +85bcf the seasonal normal of +90bcf.
  • US storage inventories continue to hold a strong surplus with total stocks at 2,711bcf. The five-year average is 2,105bcf.
  • US domestic natural gas production was yesterday estimated up slightly to 100.1bcf/d according to Bloomberg.
  • US terminal feedgas flows are today estimated at 12.93bcf/d according to Bloomberg with flows to Sabine Pass, Cameron, and Calcasieu Pass below normal.
  • Domestic natural gas demand is today at 65.8bcf/d according to Bloomberg. The seasonal normal is around 62bcf/d.
  • Power use in Texas is on track to break the record for May for a second time this week on May 24 as air conditioning jumps during a heat wave.
  • European LNG prices rose to a five-month high amid tightness in regional supply and boosted competition with other basins for LNG cargoes, Platts said.
  • Malaysia’s Bintulu LNG export facility was fully restored on May 19 after the outage due to a power loss incident on May 10, according to Petronas on Thursday.
  • LNG demand from the power sector in India has been boosted by the current heatwave and is expected to remain strong in the coming two months, said Petronet LNG CEO Akshay Kumar Singh cited by Bloomberg.
  • China’s CNOOC expects domestic natural gas consumption to peak at 700 bcm/y in 2040.
  • Azerbaijan’s gas exports rose by 61.5% on the year in Q1 to 4.933 bcm, according to Interfax.
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Henry Hub has slumped today despite a smaller than expected US storage injection. A slight fall in LNG feedgas flows is likely putting pressure on the front month.

  • US Natgas JUN 24 down 6.5% at 2.66$/mmbtu
  • US Natgas NOV 24 down 2.7% at 3.27$/mmbtu
  • EIA data for the week to May 17 showed an injection of 78bcf compared to expectations of +85bcf the seasonal normal of +90bcf.
  • US storage inventories continue to hold a strong surplus with total stocks at 2,711bcf. The five-year average is 2,105bcf.
  • US domestic natural gas production was yesterday estimated up slightly to 100.1bcf/d according to Bloomberg.
  • US terminal feedgas flows are today estimated at 12.93bcf/d according to Bloomberg with flows to Sabine Pass, Cameron, and Calcasieu Pass below normal.
  • Domestic natural gas demand is today at 65.8bcf/d according to Bloomberg. The seasonal normal is around 62bcf/d.
  • Power use in Texas is on track to break the record for May for a second time this week on May 24 as air conditioning jumps during a heat wave.
  • European LNG prices rose to a five-month high amid tightness in regional supply and boosted competition with other basins for LNG cargoes, Platts said.
  • Malaysia’s Bintulu LNG export facility was fully restored on May 19 after the outage due to a power loss incident on May 10, according to Petronas on Thursday.
  • LNG demand from the power sector in India has been boosted by the current heatwave and is expected to remain strong in the coming two months, said Petronet LNG CEO Akshay Kumar Singh cited by Bloomberg.
  • China’s CNOOC expects domestic natural gas consumption to peak at 700 bcm/y in 2040.
  • Azerbaijan’s gas exports rose by 61.5% on the year in Q1 to 4.933 bcm, according to Interfax.