North America gas weekly update: the force awakens Report

Commodity Market Report 20 August 2019

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Report summary

Despite continued lower Henry Hub gas prices due to record US gas production levels, exports are set to awaken again. • LNG feed gas that had reached record levels of >6 bcfd had dropped off significantly due to train maintenance and commissioning issues for more than two weeks. • Mexican exports that have also reached record levels of >5 bcfd had failed to increase further despite the largest export pipeline being completed since June due to contract disputes between CFE and pipeline operators. • Both are set to be potentially resolved soon helping normalize already loose fundamental balances. If only the production empire would stop striking back maybe there is a new hope for Henry Hub gas prices before the winter starts.