Natural Gas End of Day Summary: Henry Hub Weakens

Henry Hub has erased its earlier gains to approach US close marginally lower on the day. Front month is down around 0.9% on the week amid continued strong US storage surpluses.

• US Natgas MAY 24 down 0.1% at 1.76$/mmbtu
• US Natgas OCT 24 up 0.2% at 2.53$/mmbtu
• US total oil and gas rig count rose by 2 on the week to 619 rigs, according to Baker Hughes, the first weekly rise since March 15. Gas: 106 (-3) – down 53, or 33.3%, on the year
• Feedgas flow to US LNG export terminals are currently estimated at 10.92bcf/d.
• US domestic natural gas production was up slightly on the day to 98.7bcf/d yesterday
• Natural gas demand increased slightly again to 70.6bcf/d today according to Bloomberg estimates.
• The EU’s LNG demand is likely to peak this year as the bloc accelerates the transition to renewable energies, ACER said in a report.
• An over-contracted position of Japan’s four largest utilities could increase to almost 12m tonnes in the coming years: IEEFA.
• The renewal of US sanctions on Venezuela does not impact development plans for the Dragon natural gas field.
• At least four LNG vessels are waiting to load from the Freeport LNG facility in Texas according to Bloomberg ship tracking data on April 19.
• Global LNG imports of 107.9mn tonnes in Q1 2024 were up 3% from the previous year according to ICIS tracking.
• Gas supply from Libya's Mellitah complex to Italy is expected to reduce significantly and could gradually drop to zero due to planned maintenance in May, according to Eni on April 19.