Commodity Market Report
North America gas weekly update: Longer-term Freeport LNG outages
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Report summary
• 90 bcf injection expected • East 33 bcf, Midwest 26 bcf, Mountain 5 bcf, Pacific 9 bcf, South Central 17 bcf • Salt storage injects 3 bcf despite intensifying heat wave The prompt NYMEX July 2022 Henry Hub gas contract that had reached an intraday high of $9.664/mmbtu prior to the Freeport LNG explosion on 8 June has tumbled down near $7/mmbtu. Conversely, the loss of US LNG exports on top of reduced Nord Stream 1 gas flows due to maintenance are rallying European gas prices. The loss of LNG feedgas demand will likely be redirected into storage as oil and gas prices at major supply regions such as the Permian and Haynesville are still very high. However, US gas production needs to show some signs of resuming its growth trajectory to get storage levels above the five-year average prior to upcoming winter to normalize Henry Hub gas prices further.
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