US Gas Supplies Drop And European Gas Prices Combined Send Henry Hub Higher

Natural gas storage revisions for this week were slashed by half as our previous estimate of +50 Bcf dropped to +28 Bcf.

EOS has also been revised lower to 3.55 Tcf. The US gas market has had an upsurge over the past week on the heels of better-than-expected demand and higher European gas prices.

Source: ICE

What's interesting about all of this is that the moves are happening with the power burn demand season coming to an end. Europe's gas situation is not great, but it's not horrific either.