Opinion: US Gas Storage Emptied by Exports to Europe and Asia

U.S. gas inventories ended the winter at just 1,382 Bcf on April 1, the lowest for the time of year since 2019.

John Kemp, Reuters

U.S. gas prices have climbed to their highest level in more than a decade as strong demand from overseas has emptied storage and left inventories well below average for the time of year despite a mild winter.

Front-month futures for gas delivered at Henry Hub in Louisiana have risen to $6.40 per million British thermal units, the highest in real terms since 2010.

Wholesale prices in the United States are still far below those prevailing in Northeast Asia ($33 per million British thermal units) and Northwest Europe ($34).

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