MNI China Daily Summary: Wednesday, June 19

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

NATGAS
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Henry Hub is heading for a weekly gain of around 16%, with EIA data yesterday showing a smaller than expected storage injection. Concerns for US natural gas production is also fuelling more bullish sentiment.

  • US Natgas JUN 24 up 4.7% at 2.61$/mmbtu
  • US Natgas NOV 24 up 1.2% at 3.16$/mmbtu
  • US oil rig count rose by 1 on the week to 497 rigs, according to Baker Hughes.
  • US terminal feedgas flows are today at 13.17bcf/d today according to Bloomberg.
  • Total US LNG export cargoes increased last week to 28 from 22 the previous week with four Freeport LNG terminal cargoes in the week according to the EIA.
  • US domestic natural gas production is today estimated at 99.4bcf/d according to Bloomberg, in line with levels seen in recent days.
  • Domestic natural gas demand has remained stable this week and at 65.5bcf/d today according to Bloomberg.
  • US natural gas prices have rallied 30% in the last three weeks with a return above $2/mmbtu in line with expectation according to Goldman Sachs.
  • China and Russia confirmed their interest in a Power of Siberia 2 pipeline according to Putin on Friday.
  • Asia’s spot LNG prices rose to its highest level since January, with hot weather across the region stoking demand, Reuters said.
  • India’s LNG consumption increased by 6% on the year in April to 5.515bcm but was down 1.4% on the month.
  • The UK's Dragon LNG plans to offer 9bcm/year of import capacity for 2029 onwards while Grain LNG also still has some 2029 capacity available, according to ICIS.
  • Greece is seeing an uptick in LNG demand and prices mid-May amid upcoming TurkStream pipeline maintenance and ongoing squeezed Suez Canal transits, Platts said.
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Henry Hub is heading for a weekly gain of around 16%, with EIA data yesterday showing a smaller than expected storage injection. Concerns for US natural gas production is also fuelling more bullish sentiment.

  • US Natgas JUN 24 up 4.7% at 2.61$/mmbtu
  • US Natgas NOV 24 up 1.2% at 3.16$/mmbtu
  • US oil rig count rose by 1 on the week to 497 rigs, according to Baker Hughes.
  • US terminal feedgas flows are today at 13.17bcf/d today according to Bloomberg.
  • Total US LNG export cargoes increased last week to 28 from 22 the previous week with four Freeport LNG terminal cargoes in the week according to the EIA.
  • US domestic natural gas production is today estimated at 99.4bcf/d according to Bloomberg, in line with levels seen in recent days.
  • Domestic natural gas demand has remained stable this week and at 65.5bcf/d today according to Bloomberg.
  • US natural gas prices have rallied 30% in the last three weeks with a return above $2/mmbtu in line with expectation according to Goldman Sachs.
  • China and Russia confirmed their interest in a Power of Siberia 2 pipeline according to Putin on Friday.
  • Asia’s spot LNG prices rose to its highest level since January, with hot weather across the region stoking demand, Reuters said.
  • India’s LNG consumption increased by 6% on the year in April to 5.515bcm but was down 1.4% on the month.
  • The UK's Dragon LNG plans to offer 9bcm/year of import capacity for 2029 onwards while Grain LNG also still has some 2029 capacity available, according to ICIS.
  • Greece is seeing an uptick in LNG demand and prices mid-May amid upcoming TurkStream pipeline maintenance and ongoing squeezed Suez Canal transits, Platts said.