Speaking of NG

[Fraser921]

On the supply side, U.S. gas production continues to defy recent reductions in rig counts and remains north of 100 Bcf/day. May averaged about 101 Bcf/day of production and early June levels show no reductions. With U.S. gas rig counts at about 147 in June, down from over 200 rigs in late 2022, most analysts continue to expect daily production numbers to start decreasing later in the summer, providing some impetus to price levels. More near term, last week’s storage injection came in at 104 Bcf, setting levels 16% over the five-year average and 28% over the one-year average. Storage levels in the East are even higher than national levels at 31% over the five-year average, a factor that could continue to weigh down Marcellus area basis prices as we move through the summer.

Large Northeast demand centers such as NYC continue to forecast no worse than average temperatures for the rest of June. Some July heat will eventually appear as the most recent forecast shows a larger part of the eastern one-third of the U.S. facing a potentially warmer July.

Looking ahead, the market will continue to wait for clarity on the arrival of cooling demand and signs of more sustained production reductions.

[dan_s]

"Climate the Same" will solve the problem. Much warmer than normal in Houston already and going to triple digits this weekend. Both of our AC units are running all the time now.