Henry Hub front-month futures and spot prices have ticked up at the start of April even though the gas injection season has begun in the United States and Canada. There are concerns US storage operators will struggle to refill the country’s gas stocks during the injection season.
The high pace of withdrawals has put US gas stocks in a vulnerable position. The US had almost 58 billion cubic metres of gas in storage in the week ending 24 March, 17.1% below the level seen in the same week last year. This happened even though the country started the 2016-2017 withdrawal season with a gas glut even more severe than at the start of the previous withdrawal season.
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