Natural Gas End of Day Summary: Henry Hub Volatile

US Henry Hub is trading higher, but has been volatile during US hours, after peaking at around $2.95/MMBtu before reversing almost all its gains and plummeting to $2.902/MMBtu. Front month has since regained ground, although remains below the daily peak.

• US Natgas NOV 23 up 1.1% at 2.93$/mmbtu
• US Natgas APR 24 down -0.3% at 3.03$/mmbtu
• US domestic natural gas production is today estimated at 103.6bcf/d after a new high of 104.04bcf/d yesterday according to Bloomberg and compared to around 100bcf/d this time last year. The Baker Hughes rig count on Friday showed US gas rigs holding steady this month at 118.
• Natural gas deliveries to US LNG export facilities are today back at 14.06bcf/d according to Bloomberg after seeing a brief decline to 13.2bcf/d due to a 0.7bcf/d drop in Freeport LNG terminal supplies on 21 Oct.
• Eni signed a deal with QatarEnergy to buy LNG for the duration of 27 years according to ENI.
• Northwest Europe had received 33 cargoes as of 20 Oct according to Bloomberg ship tracking data with 48.5% originating from US.
• Several laden LNG tankers are waiting around Mediterranean terminals to unload their cargos, some for as long as two-months, according to ICIS.
• LNG traders are willing to pay up to a third more for capacity contracts without delivery obligations, according to Bloomberg citing results from a German terminal regasification auction.
• Korea Gas doesn’t expect any LNG supply shortage this winter despite the ongoing conflict between Israel and Hamas.
• Shell Gas BV and other partners of its Oman LNG venture signed amended agreements.
• Russia’s Gazprom is in talks with China to increase supplies through the Power of Siberia to more that the planned level of 38 billion bcm/year, according to its CEO, Alexei Miller.
• extending Shell’s share in the business beyond 2024 according to the firm.
• Platts launched the first LNG price assessment covering Southeast Asia, amid the region’s growing demand for the fuel.