Natural gas fundamental balances have started to meaningfully tighten. This is the result of 1) structurally higher power burn demand and 2) higher LNG gas exports.
On a fundamental basis, we have the surplus dwindling away almost entirely in our forward 5-week outlook.
And looking at our storage projection, we have the surplus to the 5-year average down to just 6 Bcf over the next 5 natural gas storage reports.
