Commodity Market Report
North America gas weekly update: Tightening
Report summary
• 82 bcf injection expected • East 26 bcf, Midwest 23 bcf, Mountain 8 bcf, Pacific 3 bcf, South Central 22 bcf • Salt storage injects 4 bcf Market balances are getting tighter not looser. Supply has failed to increase further to match the high gas burns and LNG feedgas volumes increasing with the completion of the three weeklong maintenance outage at Cameron Train 1. Storage deficits as a result have increased rather than narrow. Forward weather continues to call for hotter than normal weather this summer that does not bode well for any loosening from the demand front. Will US gas production come to the rescue sooner than later? How will the weakening of global gas prices due to European storage levels ramping up with the armada of US LNG cargo deliveries impact Henry Hub markets? Time will tell.
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