Natural Gas End of Day Summary: Henry Hub Strengthens

Henry Hub front month traded higher on the day as cooler weather forecasts offset curtailed LNG feedgas flows.

• US Natgas APR 24 up 2% at 1.74$/mmbtu
• Lower 48 natural gas demand is almost unchanged on the day at 85.4bcf/d compared to levels down as low as 69.4bcf/d last week.
• The NOAA 6–10-day forecast shows a split with below normal temperatures in the west but warm weather in the east.
• Total feedgas flows to US LNG export terminals are today up slightly to 13.6bcf/d.
• Feedgas demand as of March 19 at Freeport LNG was 0.98 bcf/d indicating that train 3 is yet to fully resume, according to BNEF.
• US domestic natural gas production was estimated to be up to 101.1bcf/d according to Bloomberg compared to around 100bcf/d this time last year.
• Sabotage of EU’s gas and power infrastructure by Russia is a clear threat according to a senior NATO official via Montel.
• Europe must develop more infrastructure if it is to replace Russian gas, gas executives said a CERAWeek.
• The trend for European coal to gas fuel switching is expected to continue this year: Rystad Energy.
• Argentina could have its first LNG project ready in four years if economic and energy reforms proposed by President Milei are passed, Tecpetrol CEO said March 19, cited by Reuters.
• Average LNG shipments from Nigeria’s Bonny Island facility so far in March are around a third below January-February levels: Bloomberg