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GAZB - Natural Gas Supplies Set To Accelerate Downward In May
Barclays Bank PLC
Welcome to the supplies edition of Natural Gas Daily!
Housekeeping item first.
For the week ending 4/24, we have a build of 70 Bcf.
Basis differentials have led the way so far, with Waha basis tightening by half over the last 2 weeks. Traders we survey expect Lower 48 production to be materially lower in the coming weeks. Maintenance-related issues today dropped production, but overall volumes are trending in the right direction. We expect ~90 to ~91 Bcf/d in May.