North America gas weekly update: Delay in LNG restarts?

The soon-to-expire NYMEX November 2022 contract fell below $5/mmbtu last week before rebounding above $5.60/mmbtu in today’s trading. However, the bounceback is not due to any significant cold weather forecasts. LNG demand has also been little help in this regard with: • Cove Point LNG annual maintanence lasting longer, now in Day 25 and counting • A LNG tanker formerly at anchor near Freeport and one in transit heading elsewhere • Construction cranes still onsite at Freeport and so far no restart request submitted Moreover, a sixth triple-digit injection this fall may lie in the cards after a lower than normal injection projected to be reported this week on a brief cold front. Late-season storage injections into mid-November are set to increase inventories to well over 3.6 Tcf and march toward erasing this year’s deficit versus both last year and the five-year average.