Commodity Market Report
North America gas weekly update: Brief cool down
Report summary
Nearing contract expiry, the NYMEX June Henry Hub gas contract has lost some steam on a brief cool down period. Although we are expecting a triple digit storage injection this week, will it be the only one this injection season? An above normal summer is forecast to increase power demand levels. However, how much reduced gas-to-coal displacement occurs under higher gas prices will be a key determinant. Despite net LNG exports expected to be lower seasonally, more tempered summer production should keep storage injections in check from reaching triple digits again for the weeks ahead. Concurrently, Henry Hub gas prices may soon return back above $3/mmbtu.
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