US NATGAS: Natural Gas End of Day Summary: Henry Hub Softens

Henry Hub has continued yesterday’s declines, as production remains elevated and LNG feedgas is down overnight.

• Oct 25 is trading at $2.930, down 2.24% on the day.
• Nov 25 is trading at $3.277, down 1.68% on the day.
• Baker Hughes US Gas: 118 (0) - up 19 rigs, or 19.2% on the year.
• BNEF estimates lower 48 dry gas production at 107.58 Bcf/d, up from the previous day of 107.48 Bcf/d.
• LNG feedgas averaged 15.9 Bcf/d today, down ~0.4 Bcf/d from yesterday but up slightly week-over-week.
• Cove Point is expected to enter full maintenance this weekend, sending feedgas to the facility to 0 through mid-October.
• Latest NOAA forecasts are calling for warmer than normal weather across the US for the next 6 to 10 days.
• The EU’s 19th sanctions package has been adopted by the EC with a focus on a faster phase out of Russian LNG, banning Russian cargoes by Jan. 1, 2027.
• European gas storage has risen to 81.09% full on Sep. 17 compared to the previous five-year average of 87.6% full, according to GIE.
• Asian spot LNG prices remained flat this week on high storage inventories and continued muted demand, Reuters said.
• Iraq’s attempt to ease its chronic power shortage with gas from Turkmenistan routed through Iran has failed under US pressure, Reuters reports.
• The LNG Canada project has delayed loading for several scheduled shipments due to a production issues, sources told Bloomberg.
• Egypt is reducing its LNG imports amid easing demand, traders told Bloomberg.