Natural Gas End of Day Summary: Henry Hub Makes Gains

Front month Henry Hub has risen today amid upside support from above-normal demand.

• US Natgas MAY 24 up 2.9% at 1.84$/mmbtu
• US Natgas OCT 24 up 2.1% at 2.57$/mmbtu
• US lower 48 natural gas demand was above normal today at 71.465bcf/d, compared with the five-year average of 67.958bcf/d at this time of the year.
• US domestic natural gas production was yesterday relatively stable at 100.085bcf/d, in line with the average in the first six days of April.
• Feedgas flow to US LNG export terminals are today estimated at 12.588bcf/d, compared with the average of 12.517bcf/d in the first seven days of April.
• The US averaged three heating degree days above normal for the week to April 6, according to Bloomberg.
• Looking at cooling demand, the US was two cooling degree days above the normal in the week to April 6.
• JP Morgan CEO Jamie Dimon said that US delays to LNG projects were done for political reasons and called the position “wrong” and “enormously naïve”, according to Bloomberg.
• Rapid growth of US LNG supply in the next two years will be increasingly important for global markets, Citadel’s head of commodities Sebastian Barrack said.
• Egyptian Natural Gas Holding Company is aiming to import at least one LNG shipment per month through July or August, sources told Bloomberg.
• TotalEnergies has delayed the FID on a planned 5.4mtpa LNG facility in Papua New Guinea by one year to 2025, the firm said.
• Global LNG imports are forecast to edge up by 1% on the month to 34.5mn tons in April, according to BNEF.