Storage Overhang

The EIA reported a massive 103 Bcf injection recently, well above market forecasts. This supply cushion is preventing the energy-driven volatility seen in the crude oil market from spilling over into domestic gas pricing.

LNG Export Anchor

Feedgas flows to US LNG terminals have averaged 18.9 Bcf/d in April, near record highs. Without this consistent export pull, analysts believe Henry Hub prices would have already tested the $2.00 level.