Highlights Balance-of-year curve falls to $2.63/MMBtu Demand underwhelms, production surges Gas storage narrows deficit to 5-year average Balance-2021 forwards prices at the US benchmark Henry Hub were at an eight-week low in recent trading, as the market turns increasingly bearish on the outlook for summer-season gas supply. After trading at nearly $3.40/MMBtu just one month ago, the calendar-year curve has since lost over 20% of its value, settling earlier this week at just $2.63/MMBtu. On March 17, S&P Global Platts’ most recently published M2MS data showed the forward average up just 3 cents from its low to $2.66/MMBtu. In the cash market, prices at the Henry Hub have come under similar pressure. On March 18, the benchmark index was trading at just $2.46/MMBtu — also a nearly eight-week low, data from the Intercontinental Exchange and Platts showed. […]