Natural Gas End of Day Summary: Henry Hub Set for Gains

Henry Hub is up strongly from yesterday’s close, although remains within yesterday's trading range.

• US Natgas JUL 24 up 6.4% at 2.75$/mmbtu
• US Natgas DEC 24 up 3% at 3.65$/mmbtu
• The NOAA 6–14-day forecast shows above normal temperatures across the western and Southern US, and below normal in the North and Midwest.
• Lower 48 natural gas production was down to 99.019 bcf/d June 4, compared to 99.789 bcf/d for June 3.
• Natural gas deliveries to US LNG terminals were down to 12.703 bcf/d, compared to an average of 13.196bcf/d in the week to June 5. The fall was driven by a decline in flows from Sabine Pass.
• US natural gas inventories likely posted below average growth in the week to May 31, according to a survey of 10 analysts, brokers, and traders by the WSJ.
• Entergy Texas plans to build two new natural gas power plants amid growing electricity demand, Reuters said.
• Egypt expects to import over 20 LNG cargoes over the summer to try and ease power shortages in the country.
• LNG stockpiles held by Japanese utilities increased 8.25% w/w to 2.23m tons in the week to June 2 from 2.06m tons the previous week.
• Trinidad’s Atlantic LNG has started planned maintenance to liquefaction train 4, due to last approximately 45 days: Bloomberg.
• Europe’s share of monthly delivered US LNG exports fell below 50% in May: Platts.
• Argentina’s state-run Enarsa bought seven LNG cargoes as part of its third tender for winter heating season.
• Qatar has agreed to supply CPC with LNG for 27 years.
• The Biden administration intends to finalize an environmental and economic review of its LNG exports by the end of the first quarter of 2025, following a period of public comment according to Energy Secretary Jennifer Granholm.
• MNI Gas Market Weekly: here