Commodity Market Report
North America gas short-term outlook: Early summer heat keeps Henry Hub prices afloat
Report summary
Early summer heat has arrived. The omega block weather pattern is fully locked in, bringing extremely hot temperatures to Texas and nearby southern states. Gas burns, already buoyed by low gas prices, are ramping up to elevated levels. Supply is also helping to limit the storage surplus from expanding significantly. Gas drilling activity continues to fall off in key areas such as the Haynesville, paring back gas production’s growth trajectory. Yet, as we enter peak summer season, can we confidently expect to avoid storage containment? Find out more about where North American gas markets are headed: • How high will US L48 working gas storage refill to? • Where is supply growth slowing down? • Will new US LNG exports help reduce oversupplied markets in 2024? • Is the current contango of higher Henry Hub gas prices warranted?
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