Gulf Coast forward gas markets take bullish cue from South-Central storage draw
South-Central storage falls 14 Bcf in week ended July 2
Henry Hub-, Houston Ship-2021 curve hit annual highs
LNG, pipeline export demand outweigh supply growth
A rare early July withdrawal from gas storage in the South-Central US last week has widened the region’s inventory deficit to the historical average, rekindling a rally in the Gulf Coast forwards markets.
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On July 8, data reported by the US Energy Information Administration showed a 14 Bcf drawdown from inventory in the South-Central region during the prior week. The early-July withdrawal was the first of its kind since 2016 and lowered stocks to an estimated 991 Bcf, EIA data showed. As a result, the South-Central inventory deficit…