Commodity Market Report
North America gas weekly update: Crossover
Report summary
• 80 bcf injection expected • East 20 bcf, Midwest 19 bcf, Mountain 4 bcf, Pacific 7 bcf, South Central 30 bcf • Salt storage injects 10 bcf Henry Hub gas prices that crossed over into $9/mmbtu briefly last week has come tumbling down by over $2 dollars in just two trading days. After the prompt June 2022 contract crossing over even below $6.50/mmbtu intraday news of Ukraine transit capacity force majeure has stopped the bleeding for now. US gas production is starting to see signs of life. Haynesville production has hit record daily highs and Permian volumes are near its prior highs as well. Transient production issues in the Bakken and offshore GoM would further increase volumes to support higher injections. However, with above normal cooling degree days, higher cooling loads in the power sector is constraining shoulder season injections from crossing over into triple digits for now.
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