Natural Gas End of Day Summary: Henry Hub Rises on Day

Henry Hub climbed to levels last seen Feb. 8, but moderated its gains during US hours. Support came from gas producer EQT’s announcement of curtailed production due to low prices.

• US Natgas APR 24 up 4.6% at 1.92$/mmbtu
• US natural gas producer EQT made a strategic decision to curtail about 1bcf per day of gross production in late February and through March amid low natural gas prices.
• Production was yesterday at 101.0bcf/d according to Bloomberg compared to an average for Feb of about 103.5bcf/d.
• Lower 48 natural gas demand is estimated down below normal at 74.3bcf/d today after falling to the lowest since October at 70.35bcf/d yesterday.
• Feedgas flows to US LNG export terminals are today at 13.85bcf/d according to Bloomberg.
• LNG imports into NWE in February fell on the month, according to Bloomberg tracking.
• The outlook for both Asia spot LNG and TTF remains bearish with upside risks from weather, supply disruptions and higher demand according to BNEF.
• LNG prices in North Asia have been supported by a pick-up in buying from China, according to ANZ bank.
• China’s imports from June-Sep. of pipeline natural gas and LNG are set to rise by 10.5% and 2.9% respectively on the year, according to OilChem.
• Gas Exporting Countries Forum (GECF) members highlighted the requirement for long-term contracts to ensure supply and investment, at a summit on Saturday according to Montel.