Commodity Market Report
North America gas weekly update: Super-spike
Report summary
Henry Hub gas prices are spiking, and fundamentals week-over-week do not warrant the near $1/mmbtu increase we’ve seen. Supply has recovered only slightly, but power demand is falling off according to seasonal norms, and an upcoming series of triple digit injections looks to put us on path close to the five-year average for gas in storage. The balance here on this continent is even trending looser. But it’s the sky-high global prices that are pulling Henry Hub up, up, and up. Consider this: while US Lower 48 gas storage will likely be about 98% full by the start of withdrawal season, European storage is severely depleted.
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