Natural Gas End of Day Summary: Henry Hub Rebounds

Henry Hub front month has rebounded after falling to an intraday low of $1.747/MMBtu to be trading higher on the day. A recovery in LNG feedgas flows is likely to be supportive.

• US Natgas MAY 24 up 0.7% at 1.8$/mmbtu
• US Natgas OCT 24 up 1.1% at 2.61$/mmbtu
• Feedgas flow to US LNG export terminals are estimated up to 12.87bcf/d today according to Bloomberg.
• US domestic natural gas production was relatively unchanged yesterday at 99.34bcf/d.
• Natural gas demand has fallen back below normal today to 65.05bcf/d according to Bloomberg.
• The latest NOAA 6–14-day outlook is showing the warm weather in central and eastern areas spreading slightly further west compared to yesterday.
• The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days fell by 7.3% over the last week to 3.42m tons as of April 21, according to Bloomberg.
• Russia’s focus on boosting natural gas exports to China is proving less lucrative compared to its former westbound flows to Europe, Bloomberg said.
• Ukraine does not plan to renew any interconnector agreement allowing Russian gas transits via Ukraine to Europe, said Andrii Prokofiev from the Gas TSO of Ukraine.
• The EU expects Azerbaijan to increase natural gas flows to Europe but is unwilling to finance the necessary projects: Azerbaijan’s President Ilham Aliyev.
• Oman LNG is in early discussions with the government to expand production with its fourth train, according to Platts.