Commodity Market Report
North America gas weekly update: Producer’s last price response is activated
Report summary
Prompt April 2024 Henry Hub gas prices rallied near $2/mmbtu this week on news that EQT was economically shutting in its Northeast production due to low gas prices. With initial US gas producer responses such as drilling activity reductions and Chesapeake’s significant, well completion and TILs deferrals, the oversupplied gas market was eagerly requiring a larger, more immediate response. But why have gas prices struggled to appreciate even higher? The ballooning storage surplus first needs to be normalized before unwinding the supply and demand response to low prices. This weekly natural gas commodity report seeks to explore: • How anomalously mild is current weather? • Has the Freeport LNG Train 3 outage been extended? • Are EQT’s production shut-ins real?
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