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

Henry Hub is headed for its lowest close since March 26 as milder weather and high storage inventories pile pressure on the front month.

• US Natgas MAY 24 down 7.6% at 1.68$/mmbtu
• US Natgas OCT 24 down 2.4% at 2.55$/mmbtu
• Forecasts have shifted towards milder weather for the period until May 3, according to Commodity Weather Group, cited by Bloomberg.
• Results of a Bloomberg survey showed that US gas inventories probably rose by 86 bcf last week, above the five-year average rise of 59 bcf for that period.
• Feedgas flow to US LNG export terminals are estimated at 12.4bcf/d today according to Bloomberg with Freeport feedgas of 0.43bcf/d.
• US domestic natural gas production fell to 97.7bcf/d according to Bloomberg compared an average of 98.5bcf/d in the previous week.
• Natural gas demand is slightly higher on the day but still near at 68.5bcf/d today according to Bloomberg.
• Weaker spot LNG prices in Europe have supported increased buying interest for Algerian LNG cargoes, Platts said.
• Gas exports from Azerbaijan to Europe will reach 12 Bcm in 2024, according to the country's President Ilham Aliyev.
• Egypt has halted all LNG exports from May onwards to meet is domestic needs according to local media reports.
• There was a steep reduction in LNG export capacity from Egypt in Q1, Cristian Signoretto, ENI said.
• LNG stockpiles held by Japanese utilities jumped sharply by 26.5% on the week to 2.05m mt April 21.
• Hindustan Petroleum Corp Ltd.’s Chhara LNG import terminal has been delayed to September or October due to technical issues, Bloomberg said.
• Gail India is due to halt imports of LNG to its Dabhol LNG terminal on the west coast from May 15 ahead of the monsoon season.