Commodity Market Report
North America gas weekly update: three bears still in the house
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Report summary
Three bears are still in the house for the next three EIA weekly storage reports. Despite the rarer consecutive triple digit injections in store, June 2019 prompt Henry Hub gas prices have shown some glimpse of life appreciating above $2.60/mmbtu and January 2020 now pricing above $3.00/mmbtu. Potential signs of warmer temperatures entering into the eastern half of the nation in short term forecasts and a "blocking pattern" conducive of persistence of these conditions seem to be outweighing the already priced in bearish storage injections. Key questions for the North America gas market continue to rest on the following: • Will still struggling US production restart its significant growth engine • Can new record high levels in LNG feed gas levels offset production gains • And will the advent of summer weather result in increased cooling loads much above expectations
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