Spring temperatures across the continental United States were close to the seasonal average - providing no relief to a gas market struggling with too much production and excess inventories accumulated last winter.
Temperatures in March were a little lower than usual for the past 10 years, but April and May were in line with the 2013-2022 average, according to degree day data from the U.S. Climate Prediction Center .
Significantly larger-than-normal inventory builds despite slightly colder-than-normal temperatures early in the season confirms over-production in the market.Gas stocks ended the quarter with a surplus of 280 billion cubic feet above the prior 10-year average, having started in a surplus of 227 billion cubic feet .
Freeport LNG's re-opened export terminal did not make a significant difference in depleting the excess inventories accumulated during the winter of 2022/23.With inventories stubbornly high, prices remained under pressure throughout the spring months, averaging just $2.20 to $2.40 per million British thermal units, in only the 2nd or 3rd percentile for all months since 1990, after adjusting for inflation.
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