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Natural Gas Inventory Back in Deficit

May 03, 2021

Nat Gas Deficit

Last week’s EIA natural gas underground storage report stated that natural gas inventory was 40 bcf below the five-year average. One year ago this week, the report showed a 360 bcf surplus to the five-year average. This bullish indicator in the early stages of refill season is reflected in spot Henry Hub NYMEX pricing. After last week’s report, the benchmark was trading at $2.90/mmbtu versus 1.88/mmbtu in 2020.

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