Record gas consumption at power plants this summer is accelerating the rebalancing of the U.S. natural gas market. Working gas stocks in underground storage started the year at a seasonal record of 3,643 billion cubic feet, according to the U.S. Energy Information Administration. Stocks were 554 billion cubic feet higher than at the start of 2015. Unusually mild weather in February and March pushed the year-on-year surplus to 1,014 billion cubic feet by the middle of March ( tmsnrt.rs/2b7NDgB ). Since March, however, the year-over-year surplus has fallen consistently as excess stocks have been drawn down by a combination of static production and strong demand from power producers. The year-on-year surplus in gas stocks has declined every week since March 11 and was down to just 378 billion cubic feet on July 29 ( tmsnrt.rs/2aJwYiW ). The underlying change has been driven by very low gas prices which caused […]