North America gas short-term outlook: Lower than normal storage injections support Henry Hub prices Report

Commodity Market Report 20 September 2024

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Report summary

Over the last month, producers have remained disciplined and kept significant curtailments intact. Gas generation has also remained to capture a high percentage of the thermal stack. Both have been instrumental in keeping storage injections lower than normal. The US storage surplus versus the five-year average that stood as high as 653 Bcf at the end of a mild winter 2023/24 is set to whittle away to 125 Bcf by the start of the upcoming winter 2024/25. This month’s North America gas commodity report seeks to answer: • Will winter supply increase significantly? • Will gas generation back down with higher gas prices ahead? • How much demand growth can we expect from second wave LNG projects?