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Natural Gas End of Day Summary: Henry Hub Plummets

NATGAS
Energy BulletsCommodities

Henry Hub is headed for its lowest close since March 26 as milder weather and high storage inventories pile pressure on the front month.

  • US Natgas MAY 24 down 7.6% at 1.68$/mmbtu
  • US Natgas OCT 24 down 2.4% at 2.55$/mmbtu
  • Forecasts have shifted towards milder weather for the period until May 3, according to Commodity Weather Group, cited by Bloomberg.
  • Results of a Bloomberg survey showed that US gas inventories probably rose by 86 bcf last week, above the five-year average rise of 59 bcf for that period.
  • Feedgas flow to US LNG export terminals are estimated at 12.4bcf/d today according to Bloomberg with Freeport feedgas of 0.43bcf/d.
  • US domestic natural gas production fell to 97.7bcf/d according to Bloomberg compared an average of 98.5bcf/d in the previous week.
  • Natural gas demand is slightly higher on the day but still near at 68.5bcf/d today according to Bloomberg.
  • Weaker spot LNG prices in Europe have supported increased buying interest for Algerian LNG cargoes, Platts said.
  • Gas exports from Azerbaijan to Europe will reach 12 Bcm in 2024, according to the country's President Ilham Aliyev.
  • Egypt has halted all LNG exports from May onwards to meet is domestic needs according to local media reports.
  • There was a steep reduction in LNG export capacity from Egypt in Q1, Cristian Signoretto, ENI said.
  • LNG stockpiles held by Japanese utilities jumped sharply by 26.5% on the week to 2.05m mt April 21.
  • Hindustan Petroleum Corp Ltd.’s Chhara LNG import terminal has been delayed to September or October due to technical issues, Bloomberg said.
  • Gail India is due to halt imports of LNG to its Dabhol LNG terminal on the west coast from May 15 ahead of the monsoon season.
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Henry Hub is headed for its lowest close since March 26 as milder weather and high storage inventories pile pressure on the front month.

  • US Natgas MAY 24 down 7.6% at 1.68$/mmbtu
  • US Natgas OCT 24 down 2.4% at 2.55$/mmbtu
  • Forecasts have shifted towards milder weather for the period until May 3, according to Commodity Weather Group, cited by Bloomberg.
  • Results of a Bloomberg survey showed that US gas inventories probably rose by 86 bcf last week, above the five-year average rise of 59 bcf for that period.
  • Feedgas flow to US LNG export terminals are estimated at 12.4bcf/d today according to Bloomberg with Freeport feedgas of 0.43bcf/d.
  • US domestic natural gas production fell to 97.7bcf/d according to Bloomberg compared an average of 98.5bcf/d in the previous week.
  • Natural gas demand is slightly higher on the day but still near at 68.5bcf/d today according to Bloomberg.
  • Weaker spot LNG prices in Europe have supported increased buying interest for Algerian LNG cargoes, Platts said.
  • Gas exports from Azerbaijan to Europe will reach 12 Bcm in 2024, according to the country's President Ilham Aliyev.
  • Egypt has halted all LNG exports from May onwards to meet is domestic needs according to local media reports.
  • There was a steep reduction in LNG export capacity from Egypt in Q1, Cristian Signoretto, ENI said.
  • LNG stockpiles held by Japanese utilities jumped sharply by 26.5% on the week to 2.05m mt April 21.
  • Hindustan Petroleum Corp Ltd.’s Chhara LNG import terminal has been delayed to September or October due to technical issues, Bloomberg said.
  • Gail India is due to halt imports of LNG to its Dabhol LNG terminal on the west coast from May 15 ahead of the monsoon season.