NATGAS: Natural Gas End of Day Summary: Henry Hub Falls

Henry Hub front month has lost ground today,  driven by an above average build in US inventories.

• US Natgas JUN 25 down 0.7% at 3.6$/mmbtu
• US Natgas JUL 25 down 0.3% at 3.94$/mmbtu
• The EIA weekly gas inventories for the week ending May 2 showed a build of 104 bcf.
• The seasonal five-year average shows a net build of 79 bcf. Stocks  built by 81 bcf this time last year.
• Total stocks are  up to 2145 bcf. This is 412 bcf  below levels seen a year ago and 30  above the previous five-year average of 2115 bcf.
• Lower 48 natural gas demand is starting today up 940 mmcf/d to 65.5 bcf/d, BNEF said. This is the highest demand since May 1.
• NOAA average lower 48 for the 6-10 day remains warmer than normal.
• US LNG export terminal feedgas is up 949 mmcf/d to 15.3 bcf/d, BNEF said.
• US domestic natural gas production is down 0.47 bcf/d to 104.6 bcf/d, according to BNEF.
• According to JPMorgan in a valuation analysis published on April 29 the cal25 strip is valued at $3.67 mmbtu and the cal26 strip is valued at $4.14 on average.
• Current market prices are showing cal25 averaging $3.92 mmbtu and cal26 averaging $4.363 mmbtu.
• US and Russian officials have held discussions about the US helping to revive Russian gas sales to Europe, eight sources told Reuters.
• Woodside Energy has terminated its LNG sale and purchase agreements with Commonwealth LNG due to the latter's failure to meet key milestones, Platts said.