Natural Gas End of Day Summary: Henry Hub Struggles For Direction

Henry Hub has struggled for direction during the day, ranging between $1.553/MMBtu and $1.696/MMBtu. After finding support during the European afternoon session, tracking the global energy complex, it has since eased back to be trading lower on the day.

• US Natgas MAR 24 down -2.4% at 1.62$/mmbtu
• US Natgas AUG 24 up 2.5% at 2.53$/mmbtu
• Hopes for a ceasefire have also been met with notes of caution, despite Biden’s optimistic remarks that a deal could be struck by the end of the weekend to halt the conflict during Ramadan.
• Slightly downward revision in the two-week forecast may add some support, although temperatures are still holding above the 30-year normal.
• US gas production fell to 101.7bcf/d yesterday according to Bloomberg.
• Lower 48 natural gas demand is estimated down again to the lowest since November at 74.75bcf/d according to Bloomberg.
• Feedgas flows to US LNG export terminals are unchanged from yesterday at 13.7bcf/d
• Sempra is aiming to make its FID on Cameron LNG expansion in H1 2025, according to Bloomberg.
• Planned natural gas production growth needs an outlet as the phase of record prices supressing demand has largely passed, Vitol CEO Russel Hardy said, cited by Bloomberg.
• Global LNG consumption is expected to rise by 50% over the next decade, Woodside CEO Meg O’Neill said.
• The first cargo LNG from the new Tango FLNG in Congo is currently being loaded and will sail to Italy’s Piombino LNG terminal in the coming days, Eni said.
• Saudi Aramco said that work is currently underway to deliver production at Jafrurah, with an aim to produce 2 bcf/d by 2030, according to Argaam.