North America gas weekly update: Peak power demand reduces storage surplus
Power demand has ramped up to a summer seasonal high, accompanied by higher exports and the slowdown of supply growth. With these fundamentally tighter factors in place, the storage surplus has started to decrease. Tighter market conditions and diminishing storage congestion worries have provided an uplift to Henry Hub gas prices. The weekly commodity report seeks to explore: • How much will the storage surplus be reduced in the weeks ahead? • Will power demand ramp up even higher? • Where is supply normalizing closer to?