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UNL - Natural Gas Will Benefit As Oil Producers Shut-In Production
United States 12 Month Natural Gas Fund
Welcome to the shut-in edition of Natural Gas Daily!
Weather models over the weekend turned bullish leaving the natural gas market now undersupplied by ~2 Bcf/d until the end of April.
This, combined with total gas supplies now trending lower, leaves the market in a precarious situation.
While storage remains bloated versus the 5-year average for now, US shale oil producers will start to shut-in production in Q2 2020 due to very low price realizations.
IHS estimates that US oil production could lose one-third of its volume in Q2 from shut-ins.