Thursday, the U.S.
Energy Information Administration (EIA) reported that working gas in storage as
of Friday June 17, 2022, was 2,169 Bcf. This was an increase of 74 Bcf from the
previous week, a higher injection than expected, contributing to a decrease in
the front end of the curve Thursday. Inventories are still very low, currently 305
Bcf lower than last year at this same time, and 331 Bcf below the 5-year
before the bearish storage report, markets were down sharply amid increasing
recession fears and news that Freeport LNG export facility, representing 17% of
U.S. export capacity, would likely not be back to fully operational until late
2022. The prompt 12-month NYMEX natural gas strip (Jul22-Jun23) was down 14.2%
for the week, now off 28.5% from its peak. The 12-month PJM STD 7x24 strip was down
18% for the week, 29% below its peak.