Natural Gas End of Day Summary: Henry Hub Retreats

Henry Hub has fallen back to levels in early June amid consistently high output levels. This is despite warmer summer weather pushing up natural gas consumption via cooling demand.

• US Natgas JUL 24 down 5.8% at 2.74$/mmbtu
• US Natgas DEC 24 down 1.8% at 3.77$/mmbtu
• US natural gas inventories likely posted below average growth of 70 bcf in the week to June 14, according to a survey of nine analysts, brokers, and traders by the WSJ.
• Domestic natural gas demand is today estimated slightly lower at 73.36bcf/d according to Bloomberg but remains well above the previous five-year seasonal range.
• Cooling demand is expected to remain strong with the latest NOAA 6-14 day forecast still showing above normal temperatures across most of the US through the end of the month.
• US domestic natural gas production was yesterday unchanged on the day at 100.4bcf/d according to Bloomberg and holding in line with the average seen so far this month.
• Natural gas-fired power generation in the US during 2024 so far is up year-on-year, according to OilPrice.com.
• US LNG export terminal feedgas flows are today at 13.11bcf/d, according to Bloomberg.
• Total European stores are up to 74.09% full on June 18 according to GIE.
• Russia exported 4-6 bcm of LNG through EU ports to non-EU countries in 2023, according to the European Commission (EC), cited by Tass.
• Europe is set to receive its usual Russian gas supplies June 21, despite fears among market participants that they would be halted if payments to Gazprom were blocked, Bloomberg said.
• The growth in LNG demand in China is at risk from alternative fuels, according to Bloomberg, despite investment in LNG import terminals.