Hefty Storage, Warm Temps Send US Gas Reeling

摘要

US gas prices continued to plunge last week, with December gas futures now about 70c below where they started the month. The prompt month shed 34c last week alone as it slid into the weekend at $2.65 per million Btu after clawing back 5.8c. Prices haven’t been this low since July, but this time the forward curve has joined the party. Not a single 2021 contract sported a $3 handle on Friday, with calendar 2021 averaging $2.738/MMBtu. That is quite a comedown from late last month, when the 2021 strip peaked at $3.151/MMBtu on Oct. 30 amid heady, bullish fundamentals pumped up by a seemingly premature end to the injection season and surging US LNG exports.