Commodity Market Report
North America gas weekly update: a more common double ahead
Report summary
Baseball season is in full swing just like the US storage injection season. A "triple bagger" may be the most exciting hit in baseball but unfortunately it's rapidly disappearing from the box score. After last week's bearish surprise of a record April weekly storage injection of 123 bcf a more common double digit injection of 82 bcf is expected this week. Will we see more "triple bagger" storage injections? Will it be the entrance of more normal weather conditions that will block the advancement to third? Or will it be the resumption of significant production growth that allows the third base coach to call for the baserunner to round the bag? Last week's bearish "triple bagger" continues to place bearish sentiment on June 2019 prompt Henry Hub gas prices that currently struggle at <$2.60 mmbtu with january 2020 now pricing below $3.00 mmbtu. however, the worst may be soon over if more doubles than triples lie ahead.>$2.60>
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