Commodity Market Report
North America gas markets short-term outlook: No vacancy
Report summary
Excess gas is having trouble finding a home as storage facilities are starting to put out “no vacancy” signs. Even with structural production declines and recovering LNG demand, the natural demand losses from a shoulder season and the unanticipated outage at Cameron LNG means the market is still injecting large volumes of gas into storage, which is expected to end the season at a record high of over 4 tcf. This is putting pressure on near-term prices, as the October contract has fallen over $0.70/mmbtu since last month to around $1.80/mmbtu. Cash prices have traded even lower.
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