Commodity Market Report
North America gas weekly update: Henry Hub rally proves premature
Report summary
Prompt month Henry Hub gas prices are retreating back toward $3/mmbtu after a strong but shortlived 50-60 cent rally. What’s changed? Weather forecasts remain mild and US daily gas production has ramped up to a new daily record high. We may continue to inject into storage entering into November. Although winter has yet to begin, risks of a storage stock-out, represented by the March/April 2024 contract spread, have already eroded down to just 22 cents. This weekly natural gas commodity report seeks to explore: • Where is US gas production increasing? • Have heating loads eclipsed cooling demand? • How high will winter LNG feedgas reach?
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