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Natural Gas End of Day Summary: Henry Hub Retreats

NATURAL GAS

Henry Hub front month is headed for its lowest close since Sep. 2020, as curtailed LNG export flows and steady production add further weakness to a bearish market.

  • US Natgas MAR 24 down -2.2% at 1.96$/mmbtu
  • US Natgas AUG 24 down -1.1% at 2.46$/mmbtu
  • Feedgas supply to US LNG export terminals is back up to 13.5bcf/d today according to Bloomberg after falling as low as 12.43bcf/d yesterday.
  • The latest US weather forecast is relatively unchanged from yesterday with the lower 48 forecast holding above normal this week before cooling into the second week of the outlook as cold weather expands across much of the US.
  • US domestic gas production is today holding steady at 104.2bcf/d.
  • Shipping disruptions in the Red Sea have tightened the JKM-TTF spread as more Middle Eastern LNG flows head towards Asia: IEA analyst Greg Molnar.
  • Global LNG imports are forecast to drop by 13% month on month in February, according to BNEF.
  • China’s Guanghui Energy issued a strip tender on 6 February to purchase 12 LNG cargoes for one delivery per month from April 2024 to March 2025 according to Platts
  • Qatar’s LNG vessel Al Nuaman has almost arrived at its destination in Italy after taking the long way around the Cape of Good Hope.
  • German utility VNG signed a deal for the delivery of pipeline gas from Algeria’s Sonatrach, according to Bloomberg.
  • - MNI Commodity Weekly: Rising Americas’ Oil Output Poses Challenge For OPEC. Full piece here: https://enews.marketnews.com/ct/x/pjJscQTZlO4I6a9hJkh3HQ~k1zZ8KXr-kA8x6nDC5WmptIPjO1OcQ
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