Commodity Market Report
North America gas weekly update: Reclassification
Report summary
A record EIA gas storage reclassification, record June warmth forecast, and extended TETCO southbound flow constraint rallied the prompt NYMEX July contract before the recent pullback. Is this recent pullback a correction or aberration? Cooling loads increased by an astonishing 8 bcfd week-over-week, and even higher levels are expected ahead. Mexican exports are also elevated, but these gains in the demand side of the ledger are tempered just a bit by lower LNG exports, as terminals undergo seasonal maintenance.
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