Weekly Gas Meter: Demand Starting to Show Up In Storage

研报英文原文证据摘录

Weekly Gas Meter: Demand Starting to Show Up In Storage

Equity Research

Industry Update — June 4, 2026

Exploration & Production

Integrated Oil & Gas

International E&P

Weekly Gas Meter: Demand Starting to Show

Up In Storage

Our Call Sam Margolin

This is the "Weekly Meter;" we track weekly LNG trade, EU storage trends, US basis, and Equity Analyst | Wells Fargo Securities, LLC

Sam.Margolin@wellsfargo.com | 212-214-8496

news. The US gas market is supported by strong demand and, for now, is "less bad" than

Hanwen Chang, CFAdarkest fears of early Spring. Demand strength is showing up in storage.

Equity Analyst | Wells Fargo Securities, LLC

Hanwen.Chang@wellsfargo.com | 212-214-8017

South Central Storage: For several weeks, the US gas market has been healing via the Emma Liang

demand side, supported by LNG exports and power. Demand momentum is starting to Associate Equity Analyst | Wells Fargo Securities, LLC

show up in storage data: over the past four weeks, South Central region storage has built Emma.Liang@wellsfargo.com | 212-214-3322

by 95 bcf, compared to the prior 8-year average for the same four calendar weeks of Maya MacPherson

107.5 bcf. Total storage levels are still 5.7% above the 5-year average, but the drivers of Associate Equity Analyst | Wells Fargo Securities, LLC

directionally improving storage trends (and HH price) are tangible. Maya.L.Macpherson@wellsfargo.com | 212-214-5324

Gas Balance Tracker: The WF gas s/d tracker is tightening from the demand side, with

June LNG exports starting out +3.5 bcf/d y/y, and power demand for the first week of

June up 2.3 bcf/d. Weather is driving the power demand uplift while LNG export spreads

continue to incent max liquifaction utilization amid the Strait of Hormuz closure. Pipeline