North America gas weekly update: Triple digit injection despite triple digit heat Report

Commodity Market Report 07 June 2022

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Report summary

• 100 bcf injection expected • East 32 bcf, Midwest 28 bcf, Mountain 6 bcf, Pacific 11 bcf, South Central 23 bcf • Salt storage flips back and injects 1 bcf The prompt NYMEX July 2022 Henry Hub gas contract has crossed over $9.50/mmbtu. That’s a dollar higher than last week when EIA reported a higher than consensus weekly storage injection to halt the upward momentum. What’s changed? Once again faltering US gas production into June is the primary culprit. The storage deficit continues to have a difficult time narrowing much with higher demand led by LNG exports and stubbornly high gas burns. With both fundamental components set to continue production needs to show some signs of life quick. The prompt month is pricing above all contracts into December 2022 and highlights a change of fundamentals is necessary now not later. Until then, double digit prices may be instore.