Commodity Market Report
North America gas weekly update: Blizzard
Report summary
After piercing through $8/mmbtu, its highest levels since 2008, prompt May 2022 Henry Hub gas prices have retreated somewhat to under $7/mmbtu as we approach expiry. However, no help is occurring domestically or globally to calm markets. Unprecedented Bakken production outages are occurring due to back to back blizzards. In Europe, renewed fears of Russian gas supply disruptions have arisen. The storage deficit does not seem to be improving this shoulder season as well. With a hot summer being forecast, US gas production has to step up to the plate quickly to help balance the market. If not, even higher prices may be in store.
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