Natural Gas End of Day Summary: Henry Hub Slides

Henry Hub is trading lower today with downside pressure from strong US production levels and a slight reduction in expectations for near-term demand.

• US Natgas AUG 24 down 2.9% at 2.12$/mmbtu
• US Natgas JAN 25 down 2.2% at 3.56$/mmbtu
• US natural gas storage likely saw a slightly below-average build of 24 bcf in the week to July 19, according to a Reuters survey. The WSJ put the figure even lower at 19 bcf.
• US LNG export terminal feedgas flows are today up to 12.60bcf/d according to Bloomberg.
• Power supply to the Freeport LNG facility is dropping on July 24, according to data seen by Bloomberg.
• US domestic natural gas production is up towards the highs seen earlier this month at 103.1bcf/d today. The average so far in July is 102.4bcf/d.
• Domestic lower 48 natural gas demand remains above normal estimated at 77.3bcf/d today according to Bloomberg.
• ConocoPhillips has booked 0.75m mtpa of long-term LNG import capacity at Belgium’s Zeebrugge terminal starting April 2027 as it continues to expand its regas capacity in Europe.
• LNG stockpiles held by Japanese utilities increased 6.82% w/w to 2.35m tons in the week to July 21.
• LNG competition is to support European prices approaching winter although imports are set to remain subdued over summer, Montel said.
• Russia raised gas production by 8.2% in H1 as exports to Europe and China increased and demand strengthened domestically, Bloomberg said.
• The Egyptian petroleum ministry said July 24 that ENI agreed to intensify its upstream work in Egypt.
• Venezuela issued a 20-year natural gas production license to BP and Trinidad’s National Gas Company July 24, Bloomberg said.
• MNI Gas Weekly: Gas Markets Stabilising. Full piece here: https://roar-assets-auto.rbl.ms/files/65394/MNI%20Gas%20Weekly%20-%20Gas%20Markets%20Stabilising%20.pdf