Yesterday, the Energy Information Administration's natural gas storage report indicated an injection of 95 Bcf, which was right in line with expectations. Last week's build compared favorably with both the 5-year average for the week, as well as with last year's benchmark.
Movement on the remainder of the 2021 strip was mostly flat this week, with the exception of California, where the summer period continues to be exceptionally volatile. The 2022 to 2024 period continues to see a gradual rise right across the board, however these outer years still show solid value, with the exception of NYISO, which remains in a contango position.
In general terms, budget-conscious customers looking to secure long-term coverage into 2024 can still find bargains at this point, however the anticipated summer heat could quickly cause pricing volatility to bleed into those outer years.
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