North America gas weekly update: Net zero?

Has the US natural gas injection season started? Well, sort of. After 18 successive weeks of withdrawals that started on the week ending 19 November 2021 and totalled over 2.25 Tcf, the week ending 25 March is expected to flip to an injection. However, a late cold front out in the East and Midwest amidst increasing CDDs elsewhere, is expected to flip weekly storage back into net withdrawals for the week ending 1 April. The week ending 8 April is so far expected to flip back once again into a small injection if current weather and fundamental outlooks hold. A delayed start to injection season along with the talk of “unleashing US LNG” has elevated Henry Hub gas prices significantly. If weekly storage injections start to spring forward earnestly, prices may feel some pressure downward.