= $7.11 mcf. at Henry Hub.
This piece by John Kemp is three weeks old but still true.
At some point the American consumer is going to figure-out they are paying for the war in Ukraine not just by sending billions to Kyiv but by the inflation tax represented by the worldwide increase in the price of oil and the more direct effect of sending so much natural gas that it is actually hampering the storage build that should be occurring ahead of the summer heating season.*
From Reuters, April 8/10:
Column: U.S. gas storage emptied by exports to Europe and Asia
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).
Full price convergence is prevented by the limited liquefaction capacity for exports from the United States and regasification capacity for imports into Asia and Europe.
But shortages in other regions and fears of an interruption of supplies from Russia are pulling U.S. prices higher via increased demand and prices for LNG.
U.S. LNG exports rose 13% in the three months from November to January compared with the same period a year earlier, while gas production was up by less than 5%....
American Consumers Are Paying The Cost Of Europe's Energy Fecklessness
Following on yesterday's "It Appears The U.S. Is About To Have Its Own Natural Gas Crisis":
We are in the Spring shoulder season when gas in storage is ramped up to meet Summer cooling demand. But this year the U.S. is exporting to Europe as much gas as the LNG tankers can carry....
Here is the graph from yesterday's EIA storage report, we are far below the point where gas in storage should be to avoid summertime brown-outs:
