Commodity Market Report
North America gas weekly update: meteorological summer
Report summary
After last week's higher than expected triple digit injection, the July NYMEX Henry Hub contract settled back above $3/mmbtu as short term weather forecasts shifted hotter over the Memorial Day weekend. As we move deeper into the summer months, storage injections will start to decrease as hotter temperatures increase cooling loads. Yet, higher summer gas prices may be limited as: Recent weekly storage injections are higher than anticipated US gas production continues to outperform and ends May higher month-on-month Despite a hot summer forecast, higher gas prices year-over-year will back out coal-to-gas displacement LNG exports expected to be lower on maintenance and hurricane season
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