Gas Market at Crossroads, But It's the Third Path to Worry About

摘要

The natural gas market seems of two minds these days. On one side are industry players focused on the huge winter storage draw of more than 1.9 trillion cubic feet so far this season. On the other, those giving more weight to record and rising lower 48 gas production. Which helps explain why a market that saw a winter high three weeks ago, last week would plumb winter lows. Storage is heading for a spring carry under 1.8 Tcf. The question is whether the market can refill the larders to at least 3.8 Tcf by summer's end. And here is where physical analysis diverges.