Natural Gas End of Day Summary: Henry Hub Sees Late Retreat

Henry Hub has reversed course and moved into losses, erasing its earlier spike following EIA data showing the first summer draw in gas inventories in eight years.

• US Natgas SEP 24 down 1% at 2.2$/mmbtu
• US Natgas FEB 25 down 0.6% at 3.4$/mmbtu
• The EIA weekly gas inventories for the week ending Aug. 9 showed a draw of 6 bcf compared to the expectation for an injection of 3 bcf according to a Bloomberg survey and the seasonal normal injection of about 39 bcf.
• Total stocks are now at 3,264 bcf compared to the previous five-year average of 2,889 bcf.
• US LNG export terminal feedgas flows recover further to 12.74bcf/d today, according to Bloomberg.
• US domestic natural gas production was relatively unchanged again at 101.5bcf/d yesterday according to Bloomberg.
• Domestic natural gas demand is today up to 77.0bcf/d and near the upper end of the previous five-year range, according to Bloomberg.
• The lower 48 weather forecast shows temperatures easing slightly lower over the coming week before rising again later in the month.
• Europe’s gas supply faces the twin threat of ongoing infrastructure bottlenecks and the conflict in Ukraine, Montel said.
• U.S. LNG developer NextDecade said on Wednesday it will appeal a court ruling that overturned federal approval for its Rio Grande LNG project.
• Maintenance work at the Montoir LNG terminal in Frace has been extended until Aug. 19, Elengy said, cited by Platts.
• Russia will likely find buyers for LNG produced at its sanctioned Arctic 2 LNG plant by using a shadow fleet of tankers according to Flex LNG CEO Oystein Kalleklev.
• The Japanese LNG inventory for major power companies stood at 1.98m tonnes on 11th August according to ICIS.