Spring Storage Glut Seen in US, Canada

摘要

Storage remains high on both sides of the Atlantic, particularly in the US, where inventories are expected to enter spring at an all-time high. US April gas futures prices continued to ignore increasingly bearish storage fundamentals last week, cresting in the mid-Si.90s, but began to retreat early this week on more bullish news. The contradictory signals are more evidence that the spring storage glut has been priced into the market, so nothing short of a major blow to expectations will make much difference at this point.