GAZB - Natural Gas: Weak Industrial Demand Keeps Lid On Price Despite Bullish Weather
Welcome to the weak demand edition of Natural Gas Daily!
The physical gas market remains very weak despite support from bullish weather. Heating demand has barely moved higher despite much higher TDDs and industrial demand remains weak. The reason for the small improvement in res/com demand is from state instituted business closures. If things were "normal", the demand increase would have been much higher and storage builds would have been much lower. How much lower? We estimate ~50 Bcf lower over the span of two weeks or 3.57 Bcf/d.
In addition, industrial demand is currently