North America gas weekly 19 May 2020: the $2/mmbtu blues

Despite greater shut-ins over the weekend and some signs of coronavirus demand recovery, prices are still struggling to breach $2/mmbtu. They help, but they’re just not enough of a corrective, especially when LNG feed gas levels and Mexican exports have slacked off in response to lower global prices and coronavirus demand losses. We're looking at potentially the greatest fall of gas production since Hurricane Katrina shut in 9 bcfd in 2005, as May 2020 levels look to have dipped 6 bcfd since their November 2019 peak. These trends are helping to reduce the bearishness of LNG feed gas delivery lows, but more is needed if we're to avert maxing out storage by the end of injection season.