Natural Gas End of Day Summary: Henry Hub Strengthens

Henry Hub has been choppy but is ending the day trading higher. Concern for US production and the return of Freeport LNG are supporting a bullish trend.

• US Natgas JUN 24 up 2.8% at 2.41$/mmbtu
• US Natgas NOV 24 up 1.5% at 3.07$/mmbtu
• US terminal feedgas flows are almost unchanged on the day at 12.38bcf/d according to Bloomberg.
• LNG Tankers began loading at Freeport LNG in Texas, as full operations resume, according to Pipeline & Gas, citing Reuters.
• US domestic natural gas production was yesterday down slightly to 99.5bcf/d according to Bloomberg driven primarily by a drop in supply from the Permian basin.
• Lower 48 natural gas demand is holding above normal at 65.1bcf/d today according to Bloomberg.
• The latest 6–14-day NOAA forecast is relatively unchanged with above normal temperatures expected in the south and eastern areas but below normal in the north and west coast.
• US natural gas inventories rose by 79 Bcf in the week to May 10, according to a WSJ survey.
• US natural gas producers’ commitment to slow drilling activity in response to low gas prices is hitting hard in Haynesville this spring, dampening the outlook for summer production growth: Platts.
• LNG stockpiles held by Japanese utilities increased 6.47% w/w to 2.14m tons in the week to May 12.
• Qatar is going to sign more long-term LNG contracts this year according to its CEO Wednesday.
• PetroChina expects China's LNG import capacity to grow to 250 million metric tons per annum by 2027-28 according to an official on Wednesday.
• Five Chinese importers, mostly second-tier buyers, are each seeking June-Sep LNG cargoes: Argus.
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