North America gas short-term outlook: Shoulder season doldrums
After taking another stab below $2/mmbtu, Henry Hub gas prices have found some support on late April cold, record LNG exports and drifting US gas production. Despite the steep contango in forward prices, with looser North America markets continuing into 2024, lower prices are expected to help it to rebalance. As we enter shoulder season, North American gas markets ask: • Will gas burns continue to outperform? • Will producers exercise more restraint? • Can record US LNG exports continue?