Natural Gas End of Day Summary: Henry Hub Sees Strong Weekly Gains

Henry Hub is headed for US close trading lower but remains set for on the week gains of around 14.5%. Prices have recovered from the lows seen in February, although above normal temperatures have kept a lid on upside.

• US Natgas APR 24 down -1.5% at 1.83$/mmbtu
• US Natgas SEP 24 down -1.8% at 2.52$/mmbtu
• Lower 48 natural gas demand is estimated at 87.3bcf/d today to hold in line with the previous five year average for the time of year.
• The NOAA forecast remains largely unchanged with above normal temperatures in the central and eastern areas and below normal in the west.
• Feedgas flows to US LNG export terminals have increased slightly during the week up to 14.1bcf/d today according to Bloomberg.
• US gas production was yesterday at 102.1bcf/d according to Bloomberg compared to an average for Feb of about 103.5bcf/d.
• The USA continues to dominate the European LNG import market share, according to Platts.
• China’s LNG imports for February jumped to a seasonal high - helped by weaker prices.
• Spot charter rates for the global LNG carrier fleet decreased this week despite the rise in European and Asian prices on the week.
• Eni’s Coral Norte FLNG has ‘potential’ for a final investment decision in late 2024 according to Technip Energies CEO, Arnaud Pieton.