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Natural Gas End of Day Summary: Henry Hub Loses Ground

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Henry Hub is on track for its lowest close since May 15, with expectations of slightly cooler weather, higher production, and healthy US storage levels adding downside pressure

  • US Natgas JUN 24 down 5.1% at 2.46$/mmbtu
  • US Natgas NOV 24 down 3.4% at 3.12$/mmbtu
  • Bloomberg expects a build of 74 Bcf in US natural gas storage for the week to May 24, slightly below the WSJ survey’s forecast of a 77 Bcf build and Platts forecast of a 78 Bcf build.
  • The NOAA 6–14-day forecast shows above normal temperatures across the western and Southern US, with only a pocket of below normal in the Midwest. However, Bloomberg noted that temperature forecasts for much of the northeastern and parts of the central US have cooled for the period June 8-12.
  • Lower 48 natural gas production averaged 100.652bcf/d in the week to May 28, compared to 99.844bcf/d for the week to May 21. Production has climbed to its highest level since early-April.
  • Natural gas deliveries to US LNG terminals are 13.329bcf/d today 29, down from 13.594 bcf/d/d yesterday.
  • Domestic natural gas demand is at 65.122 bcf/d/d according to Bloomberg, trending down from earlier in the month.
  • European gas storage was 69% full on May 27 vs the 5-yr seasonal norm of 56% for this time of year according to GIE.
  • Russia could cope with an EU LNG import ban while it would lead to higher prices for the region according to Russian foreign ministry official Dmitry Birichevsky based on RIA reports.
  • Russia’s gas production stood at 55 bcm in April, up 4.2% on the year, according to Rosstat.
  • Argentina is scrambling to secure natural gas supplies ahead of Southern Hemisphere winter, Bloomberg said.
  • MNI Gas Market Weekly: Full piece here:
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Henry Hub is on track for its lowest close since May 15, with expectations of slightly cooler weather, higher production, and healthy US storage levels adding downside pressure

  • US Natgas JUN 24 down 5.1% at 2.46$/mmbtu
  • US Natgas NOV 24 down 3.4% at 3.12$/mmbtu
  • Bloomberg expects a build of 74 Bcf in US natural gas storage for the week to May 24, slightly below the WSJ survey’s forecast of a 77 Bcf build and Platts forecast of a 78 Bcf build.
  • The NOAA 6–14-day forecast shows above normal temperatures across the western and Southern US, with only a pocket of below normal in the Midwest. However, Bloomberg noted that temperature forecasts for much of the northeastern and parts of the central US have cooled for the period June 8-12.
  • Lower 48 natural gas production averaged 100.652bcf/d in the week to May 28, compared to 99.844bcf/d for the week to May 21. Production has climbed to its highest level since early-April.
  • Natural gas deliveries to US LNG terminals are 13.329bcf/d today 29, down from 13.594 bcf/d/d yesterday.
  • Domestic natural gas demand is at 65.122 bcf/d/d according to Bloomberg, trending down from earlier in the month.
  • European gas storage was 69% full on May 27 vs the 5-yr seasonal norm of 56% for this time of year according to GIE.
  • Russia could cope with an EU LNG import ban while it would lead to higher prices for the region according to Russian foreign ministry official Dmitry Birichevsky based on RIA reports.
  • Russia’s gas production stood at 55 bcm in April, up 4.2% on the year, according to Rosstat.
  • Argentina is scrambling to secure natural gas supplies ahead of Southern Hemisphere winter, Bloomberg said.
  • MNI Gas Market Weekly: Full piece here: