Commodity Market Report
North America gas short-term outlook: seasonal price contango narrows in prematurely
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Report summary
Henry Hub gas prices had plummeted to levels even lower than during the gloomy 2020 Covid summer. Low gas prices were the cure to low prices as both supply and demand responded to limit further expansion of the bulging storage surplus. However, with summer 2024 Henry Hub gas prices rapidly, prematurely rising, responses from supply and demand are starting to unwind before surplus storage inventories have had time to shrink substantially. This month’s North America gas commodity report seeks to answer: • Who is bringing back gas production? • Will higher-than-normal gas burns start to lose steam? • Are risks of storage overfill being reintroduced?
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