The US and Canada are expected to see another gas glut at the end of the injection season as the two countries have healthy storage levels even at the end of the current withdrawal season.
Storage will remain a bearish factor for already depressed gas prices in the two countries during the spring. The US had 70.16 bcm of gas in stock in the week ending 4 March – an increase of 58.1% on an annual basis and 41.5% higher than the five-year average. Meanwhile, Canada had 14.22 bcm of gas in storage, which was 65.4% of capacity and an increase of 88.7% on an annual basis.
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