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Natural Gas End of Day Summary: Henry Hub Rises

NATURAL GAS

Henry Hub has surged as US close approaches, although it is now easing back slightly. Recovering LNG export feedgas flows are countering warmer weather and higher production.

  • US Natgas JAN 24 up 1.2% at 2.6$/mmbtu
  • US Natgas JUN 24 up 0.4% at 2.51$/mmbtu
  • Above normal temperatures still dominate the two-week forecast, and the ECMWF forecast has revised up its temperature forecast for the next two weeks in the lower 48 states.
  • Feedgas supplies to US LNG export terminals have rebounded on the day to 14.7 bcf/d, after a drop in feedgas at Calcasieu pass pushed total US feedgas intake to its lowest since late November.
  • US natural gas production was yesterday up slightly at 105.8bcf/d according to Bloomberg and in line with the previous week and well above levels around 100bcf/d this time last year.
  • Export flows to Mexico are today down slightly at 5.51 bcf/d according to Bloomberg.
  • South Korea’s SK E&S has rerouted one US LNG cargo via the Cape of Good Hope to avoid the Red Sea, according to Platts.
  • Venezuela will issue a license to Shell and Trinidad’s state-owned gas company for the export of natural gas to the Caribbean Island, according to Bloomberg.
  • Russia’s hopes of boosting LNG shipments to offset lost pipeline flows to Europe may be hampered by a shortage of gas tankers, as well as sanctions, analysts told Reuters.
  • China’s CNPC and CNOOC have asked the US government for sanctions exemptions on Russia’s new LNG export plant, Arctic LNG 2 according to Reuters sources.
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