Natural Gas End of Day Summary: Henry Hub Rebounds

Henry Hub recovered earlier losses to be up on the day amid a rebound in LNG feedgas flows following namely from Sabine Pass. However, Henry Hub front month remains down around 1% since the start of the week.

• US Natgas JAN 24 up 0.5% at 2.82$/mmbtu
• US Natgas JUN 24 up 0.6% at 2.82$/mmbtu
• The EIA weekly gas inventories for the week ending 24 Nov showed a net build of +10bcf compared to the seasonal normal draw of -41bcf. The total US inventories remain well above season normal levels at 3,836bcf compared to the average of 3,542bcf.
• Feedgas flows to US LNG export terminals are today estimated back up to 14.45bcf/d according to Bloomberg driven by a recovery in Sabine Pass supplies after dipping by about 0.9bcf/d a couple of times this week.
• Normal operations at the 9mtpa Australia Pacific LNG terminal will resume Friday night, after a stuck tanker was freed that hindered loadings at the terminal according to ConocoPhillips, cited by Bloomberg.
• US LNG exports in November were at their second highest on record at 7.99m mt, according to Reuters.
• Asian spot LNG prices have dropped to a 7-week low despite the onset of colder weather, driven down by muted demand and robust global supplies, according to Reuters.
• Japan’s power utilities called for an increase in the strategic LNG buffer (SBL) Dec. 1 , as geopolitical risks continue to stoke concerns of supply disruptions, Reuters reported.