Commodity Market Report

North America gas weekly update: Freeport LNG Train 3 set to restart

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Like the Chesapeake production curtailment announcement, EQT’s wellhead shut-ins only provided a transient rally of prompt April NYMEX Henry Hub gas prices to $2/mmbtu before selling off. CNX has joined the completion deferral bandwagon as well, yet prices are now plumbing even lower, near $1.70/mmbtu. The restart of Freeport LNG Train 3 in mid-March should help start tightening markets further. In conjunction with continued production declines in the Northeast and Haynesville, the bulging storage surplus needs to get on a path of normalization before any price rally can be sustained. This weekly natural gas commodity report seeks to explore: • Why are Freeport LNG feedgas requirements even lower? • Will heating degree days return to close out March? • Why are Canadian pipeline imports suppressed?

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