Natural Gas End of Day Summary: Henry Hub Rangebound on Week

Henry Hub is trading lower today but holding rangebound on the week, amid continued lower LNG feedgas flows and milder weather.

• US Natgas APR 24 down 1.7% at 1.66$/mmbtu
• Total feedgas flow to US LNG export terminals is today estimated back up to 13.3bcf/d according to Bloomberg.
• The number of US LNG export cargoes fell last week to 21 from 26 the previous week according to the EIA.
• US LNG exports fell in the week ending March 20 amid Freeport train outages.
• Lower 48 natural gas demand remains strong at 86.9bcf/d today according to Bloomberg compared to the five-year average of around 75bcf/d.
• NOAA’s Climate Prediction Center predict above-average temperatures for most the US for April through June and wetter in the Southeast according to the Spring Outlook.
• US domestic natural gas production was yesterday at 100.5bcf/d according to Bloomberg compared to an average of 100.3bcf/d over the previous week.
• Argentina’s Enarsa awarded its 10 cargo LNG tender, the first procurement tender it has made in 2024, according to Platts.
• Gazprom’s Power of Siberia natural gas pipeline to China will undergo planned maintenance during 24 March and 1 April, during which flows will be halted.
• China gas demand is expected to grow over 25bcm y/y in 2024 on industrial activity combined with more gas in power according to OIES.
• Tropical Cyclone Megan that hit Australia earlier this week has had little to no impact on operations at Australia’s LNG terminals, according to Platts.
• Rystad sees a possible 'oil circular' strategy for Middle Eastern countries suggesting no rush to unwind crude output cuts.