- Prior was +32bcf
Natural gas at Henry Hub rose to $8.68 from $8.60 on the headline.
The way I prefer to look at US natural gas inventories is via 'days of supply' because it adjusts for growing LNG and power demand. The chart shows why natural gas is trading at $8.58.
Ultimately, natural gas prices will depend on whether it's a cold or warm winter in the short term but there's a global convergence trade for the latter half of the decade as LNG capacity ramps up.
Natty prices are consolidating at the top of the range after rising more than 60% in the past month. While gasoline prices will offer US consumer some relief in July, natural gas prices threaten to be a long term inflationary force.
Meanwhile, WTI crude oil has extended its reversal lower to $96.26 on worries about economic growth.
