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NATGAS: Natural Gas Summary at European Close: Henry Hub Plunges on Week

NATGAS
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Henry Hub reversed earlier losses to tick up marginally on the day but is down over 24% week on week. Rising domestic production is adding to the downside pressure despite the larger than expected storage withdrawal.

  • US Natgas MAR 25 up 0.2% at 3.05$/mmbtu
  • US Natgas APR 25 up 0.3% at 3.08$/mmbtu
  • US gas rig count: 98 (-1) – down 23 rigs, or 19.0% on the year
  • Lower 48 natural gas demand is again slightly down on the day to 94.5bcf/d, according to Bloomberg.
  • The NOAA 6–10-day forecast shows above normal temperatures forecast in the south and below normal in the north.
  • US domestic natural gas production is estimated back up towards record high levels at 107.4bcf/d yesterday, Bloomberg said.
  • US LNG export terminal feedgas is showing at 14.74bcf/d today, according to Bloomberg.
  • Global LNG supply could fall 5% m/m in February to 34m tons, BNEF estimates.
  • Chinese LNG imports down by 18% y/y in January, suggesting weakness in domestic gas consumption in late-2024 is continuing, according to IEA analyst Greg Molnár.
  • Japan weighs offering support for $44bn Alaska LNG pipeline to avoid potential trade friction with US President Donald Trump, Reuters reports.
  • Japan’s LNG imports fell by 0.4% to 65.9m metric tons in 2024, according to preliminary finance ministry data cited by Reuters.
  • Indonesia has yet to clarify its LNG exports beyond Q1 2025 due to a review of domestic gas demand, Platts said.
  • Chevron is working on expansion projects at its Eastern Mediterranean natural gas fields that could help production rise nearly 50% by 2030, Bloomberg reported.
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Henry Hub reversed earlier losses to tick up marginally on the day but is down over 24% week on week. Rising domestic production is adding to the downside pressure despite the larger than expected storage withdrawal.

  • US Natgas MAR 25 up 0.2% at 3.05$/mmbtu
  • US Natgas APR 25 up 0.3% at 3.08$/mmbtu
  • US gas rig count: 98 (-1) – down 23 rigs, or 19.0% on the year
  • Lower 48 natural gas demand is again slightly down on the day to 94.5bcf/d, according to Bloomberg.
  • The NOAA 6–10-day forecast shows above normal temperatures forecast in the south and below normal in the north.
  • US domestic natural gas production is estimated back up towards record high levels at 107.4bcf/d yesterday, Bloomberg said.
  • US LNG export terminal feedgas is showing at 14.74bcf/d today, according to Bloomberg.
  • Global LNG supply could fall 5% m/m in February to 34m tons, BNEF estimates.
  • Chinese LNG imports down by 18% y/y in January, suggesting weakness in domestic gas consumption in late-2024 is continuing, according to IEA analyst Greg Molnár.
  • Japan weighs offering support for $44bn Alaska LNG pipeline to avoid potential trade friction with US President Donald Trump, Reuters reports.
  • Japan’s LNG imports fell by 0.4% to 65.9m metric tons in 2024, according to preliminary finance ministry data cited by Reuters.
  • Indonesia has yet to clarify its LNG exports beyond Q1 2025 due to a review of domestic gas demand, Platts said.
  • Chevron is working on expansion projects at its Eastern Mediterranean natural gas fields that could help production rise nearly 50% by 2030, Bloomberg reported.