The gas injection season in the United States and Canada will officially start in April, and the need for injections is growing as gas stocks in both countries are depleted. Storage operators will be under pressure to maximise injection rates before the start of summer, when parts of the US will also see net gas drawdowns.
Dependence on gas stocks is growing in the US, which is a concern for operators as little new storage space is being added. The country started the 2016-2017 withdrawal season with a gas glut even more severe than the previous withdrawal season. Last winter (December-February) was milder overall than the winter before. Still, the US is expected to end the current withdrawal season with lower stocks than at the end of last withdrawal season, which will remain a bullish factor for Henry Hub prices for the rest of March.
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