Natural Gas End of Day Summary: Henry Hub Loses Ground

Henry Hub lost ground today as traders weigh a continued stock surplus and strong production levels against further forecasts of warmer weather

• US Natgas SEP 24 down 1.6% at 2.15$/mmbtu
• US Natgas FEB 25 down 2% at 3.4$/mmbtu
• US LNG export terminal feedgas flows are today down to 12.0bcf/d, Bloomberg said.
• US domestic natural gas production was holding steady at 101.4bcf/d, Bloomberg said.
• Domestic lower 48 natural gas demand edges higher today to 76.1bcf/d today, Bloomberg said.
• Temperatures have shifted warmer in the south in the 6–10-day period with above normal set to dominate in central areas.
• Two natural gas pipeline projects providing egress from the Haynesville Shale are a targeting a 2025 start, Platts said.
• The Petro-China chartered Shaolin LNG tanker looks to be diverting to Europe away from an earlier course to Asia, ICIS said.
• Global LNG demand fell 13% in the week to Aug 11 to 7.13m mt with declines in both Asia and Europe, BNEF said.
• The total estimated quantity of LNG on tankers not unloaded for at least 20 days increased by 7.6% last week to 3.87m mt, Bloomberg said.
• NWE LNG prices for winter 2024 hit a seven-month high amid market concerns over Ukrainian flows, Platts said.
• Preliminary LNG offtake agreements for Adnoc’s Ruwais LNG are being negotiated at a price of around 12.6% slope to crude oil, Platts said.
• The restart of Bangladesh's Summit LNG FSRU could be delayed for several more weeks, Platts said.
• Brazil is buying LNG as droughts threatens hydropower production, Bloomberg said.
• Bullish sentiment in European and concerns about vulnerability to supply shocks have left LNG spot prices too expensive versus oil-indexed contracts, Platts said.