Natural Gas End of Day Summary: Henry Hub Rises

US Henry Hub found support as US close approached, although softened from its high of $2.61/MMBtu, as a higher-than-expected draw in US natural gas storage inventories provided support.

• US Natgas JAN 24 up 0.8% at 2.59$/mmbtu
• US Natgas JUN 24 up 0.4% at 2.61$/mmbtu
• The EIA weekly gas inventories for the week ending Dec 1 showed a draw of -117bcf compared to the expectation for a draw of -109bcf according to a Bloomberg survey.
• The total US inventories remain well above season normal levels at 3,719bcf compared to the average of 3,509bcf.
• Feedgas flows to US LNG export terminals are at 14.6bcf/d according to Bloomberg.
• Natural gas demand has edged down just below normal to 89.5bcf/d today according to Bloomberg.
• Domestic natural gas production is today estimated at 104.4bcf/d according to Bloomberg and roughly In line with flows this week.
• ExxonMobil has delayed the commissioning of the Golden Pass LNG facility to the first half of 2025, from end-2024 previously scheduled according to the company.
• Total natural gas import supplies to Europe increased again in week 48 according to Bruegel data but at a slower seasonal rate to seen in previous years.
• China’s gas imports in November increased to the highest in nearly two years according to China customs data amid a slow recovery in demand.
• Imports of Russian LNG into Spain from Jan-Nov equated to 67,209 GWh, according to TASS citing data released by Enagas, up 39% on the year.