Persistently low gas stocks in the United States will continue to support Henry Hub front-month futures and spot prices during July. Gas demand from the power sector and industry will also help underpin prices.
The US is expected to end July with gas stocks below the levels seen at the same time last year. While this will favour net gas drawdowns for several weeks during the summer in the South Central Region (SCR), home of the Henry Hub pricing point, it also signals the potential for regional supply tightness during the gas withdrawal season, which starts in November.
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