Commodity Market Report
North America gas markets short-term outlook: Henry Hub gas prices “off the rails”
Report summary
Quite the end to a summer season. The prompt Henry Hub NYMEX has spiked as high as $5.60/mmbtu at times, and we haven’t even had cold weather yet. What’s more, this climb in prices comes after a start to summer where gas prices were under $3.00/mmbtu. So what’s changed? • Weather has been hot; • Power burns have been surprisingly inelastic; • The supply response has been muted; • Industrial demand is finally recovering to pre-coronavirus levels; • and exports are reaching new highs. All of this is contributing to Henry Hub gas prices that are currently “off the rails”
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