North America gas weekly update: Global gas supply risk increasing Report

Commodity Market Report 10 October 2023

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Report summary

Global event risk has impacted Henry Hub gas prices. Renewed Australian labor strikes, Israeli conflict escalation and repairs to a subsea gas pipeline connecting Finland and Estonia will potentially disrupt global gas supplies. Meanwhile, US L48 working gas weekly gas injections have disappointed to the low side with no triple-digit injections likely this fall. Recall that last year we had six weekly injections surpassing 100 bcf. Key North American gas market fundamentals this week include: • Cove Point LNG’s imminent restart • Golden Pass LNG’s feedgas introduction is still a 2H 2024 event • End of October inventories are now projected at ~3.8 Tcf