Natural Gas Inventory Back in Deficit
May 03, 2021
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.