Commodity Market Report
North America gas weekly update: Henry Hub jumps above $2/mmbtu
Report summary
Prompt Henry Hub has once again breached $2.00/mmbtu, having rallied $0.30 on 3 August, its largest single day increase since January 2019. Moreover, the January 2021 contract is trading above $3.00/mmbtu. Rallies like this have been squashed before; does this one have the fundamentals to continue? It would appear so. The market has been trending toward an inflection point for weeks now, and more data on associated gas production has shown that it has been slower to recover, and LNG feed gas levels that, instead of stepping down, actually increased utilization slightly at the beginning of the month. Add to all of this the hotter weather forecast, and fundamentals might just keep Henry Hub above $2.00/mmbtu.
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