NATGAS: Natural Gas End of Day Summary: Henry Hub Sees Late Surge

Henry Hub has reversed previous losses to surge into gains on the day, supported by a ramp up of power supply to Freeport.

• US Natgas FEB 25 up 2.4% at 4.04$/mmbtu
• US Natgas MAR 25 down 0.5% at 3.45$/mmbtu
• US total gas rig count was up 1 on the week at 99 rigs, Baker Hughes said, down 18 rigs, or 15.4% on the year
• Lower 48 natural gas demand has fallen to 121.2bcf/d today, Bloomberg said.
• US temperatures are forecast to gradually rise into early next week.
• US domestic natural gas production has rebounded to 103.2bcf/d today, Bloomberg said.
• US LNG export terminal feedgas is showing at 13.4bcf/d today, BNEF said.
• Power supply has ramped up to the equivalent of two trains at Freeport LNG, according to Bloomberg.
• Natural gas exports from Canada to the US rose to their highest January level since at least 2014.
• President Trump’s threat of 25% tariffs on imports from Canada and Mexico could raise US natural gas prices at domestic hubs, but is unlikely to change gas flows significantly, Citi said in a note Jan. 24.
• CEO Kim Dang said in a 4Q earnings call Wednesday, “we continue to see additional growth opportunities in natural gas between LNG, exports to Mexico power and industrial growth.”
• US natural gas storage is on track to end the Nov-March winter withdrawal season at a three-year low of 1.754 tcf on March 31, Reuters said.
• Henry Hub is forecast to rise to a three year high in 2025, according to analysts' average price estimate via Reuters.
• A federal appeals court denied requests for a rehearing of its decision to quash the approval of the REA expansion project, NGI said.