Commodity Market Report
North America gas markets weekly update: Henry Hub soars
Report summary
• 72 bcf injection expected • East 16 bcf, Midwest 11 bcf, Mountain 3 bcf, Pacific 5 bcf, South Central 37 bcf • Salt storage injects 17 bcf Henry Hub gas prices tested new 13-year highs. Prompt June 2022 contracts again soared to surpass $8/mmbtu intraday before profit taking settled prices back under it. Fundamentally, added CDDs further reduced forward storage injection assumptions. Across the pond, European TTF prices were also higher on upcoming oil sanctions and Rouble payment issues. Storage deficit narrowing needs to occur. However, no meaningful help is coming from producers so far. With a hot summer expected, if narrowing does not occur even higher volatility and elevated prices may lie ahead.
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