North America gas weekly update: Maintenance season

Weather has caused an uptick in the Henry Hub gas prices, but it’s changes to production that are needed to sustain the rally. Recent supply outperformance will need to be mitigated to keep prices where they are, especially if the seasonal maintenance currently occurring at LNG terminals continues longer and larger than anticipated. For now, a significant increase in cooling loads should overwhelm the reduction LNG exports, as well as primed production. But will that continue? Will the week ending 21 May’s 115 bcf reported injection be the final triple-digit injection until the fall?