Natural Gas End of Day Summary: Henry Hub Slides

Front month Henry Hub relinquished its gains during US hours, as warmer weather forecasts cuts heating demand. This is offsetting record LNG feedgas flows.

• US Natgas JAN 24 down -2% at 2.44$/mmbtu
• US Natgas JUN 24 down -1.2% at 2.42$/mmbtu
• Natural gas demand is down slightly on the day to 93.3bcf/d to remain just below the seasonal average according to Bloomberg.
• Above normal temperatures still dominate the two-week forecast, while the ECMWF forecast has risen its mean temperature forecast for the next week in the lower 48s states by around 1C.
• Feedgas supplies to US LNG export terminals are holding near record level and just above 15.0bcf/d again today according to Bloomberg.
• US natural gas production was yesterday steady at 104.8bcf/d according to Bloomberg and in line with the previous week and well above levels around 100bcf/d this time last year.
• LNG traders are favouring inter-basin trading between regions due to disruption in the Red Sea and a drought in the Panama Canal, Platts said.
• LNG stockpiles held by Japanese utilities increased by 4.74% on the week to 2.65mn tons as of 17 December, the highest level since January, according to data released by the trade ministry.
• Japan’s imports of LNG in November totalled 5.33m mt, according to trade statistics released by Japan’s Finance Ministry.
• Adnoc announced it will supply at least 1mtpa of LNG to a subsidiary of China’s Enn for the duration of 15 years, the firm said in a statement.
• MNI Commodity Weekly: Red Sea Attacks Bring Shipping into the Spotlight -Full piece here: https://enews.marketnews.com/ct/x/pjJscQWMkO0I6a9kIBlwTg~k1zZ8KXr-kA8x6nCXpGlptIPjL4SdA