- Natural gas prices have risen more significantly than crude oil or gasoline since 2020.
- While European storage levels are now normalized, they will likely decline as Russia slows gasoline exports.
- U.S. LNG exports have risen substantially this year but will stall as capacity is reached and temporarily lowered due to the Freeport fire.
- U.S. natural gas prices are significantly above average levels, given the relatively low deficit.
- As long as U.S. gas production continues to recover, I expect UNG to decline as the shortage gap closes by November.
For further details see:
UNG: Stalling Gas Exports May Bring Natural Gas Back To 2021 Levels