Natural Gas End of Day Summary: Henry Hub Slides

Henry Hub front month has erased earlier gains to approach US close trading lower. Reduced LNG feedgas flows and milder weather are weighing against a drop in production.

• US Natgas JUN 24 down 1% at 2.19$/mmbtu
• US Natgas NOV 24 down 0.9% at 3.01$/mmbtu
• US domestic natural gas production fell back to at 98.5bcf/d yesterday according to Bloomberg.
• US LNG export terminal feedgas flows have today fallen to 11.67bcf/d according to Bloomberg.
• Scheduled maintenance on a pipeline supplying Corpus Christi LNG is planned for 12 days from June 10 according to Cheniere.
• Lower 48 natural gas demand is holding steady just above normal this week at 67.8bcf/d today according to Bloomberg. .
• The NOAA 6–14-day forecast shows above normal temperatures across the US throughout.
• US gas inventories are near record highs for the time of year after exceptionally mild temperatures, but the maximizing gas combustion by power generators and a cut back in drilling should eliminate the surplus by the end of winter, Reuters’ John Kemp said.
• LNG stockpiles held by Japanese utilities fell to 2.01m tons in the week to May 5 from 2.13m tons the previous week, according to data released by the trade ministry.
• Global LNG imports are set to rise 2% m/m in May to 34.4m metric tons as seasonal cooling demand rises in China and emerging Asian markets, according to BNEF.
• Abu Dhabi’s ADNOC has signed a third long-term supply agreement for its Ruwais LNG project.
• Colombia’s Ecopetrol is looking to obtain an exemption from the USA which would allow it to import natural gas from Venezuela, according to Bloomberg.
• MNI COMMODITY WEEKLY: Canadian Oil Producers Bullish on TMX Price Impact: Full piece here: https://enews.marketnews.com/ct/x/pjJscQmAlO8I6a8zJBAlEg~k1zZ8KXr-kA8x6nOUpWnptIPjO1OcQ