Natural Gas Inventories look to be good, except on the left coast.

The Energy Information Administration released their weekly report Thursday.

In great shape, except for the west coast...

So prices are down in most regions, with the exception of above. With warmer weather, some improvement should occur in those regions.

However, that leaves much of the country outside the Mountain and Pacific regions at +48.1% above this time last year, and +31.6% above the 5 year seasonal average. Including the Mountain and Pacific regions, you get...

So it really should come as no surprise that Henry Hub prices are this low. At some point, the average price of inventory is reduced enough to feed into the regular economy... and slowly bring down consumer expenses, related to natural gas. It might have started in February. 

The question with the prices this low... will household energy prices reflect this in the near future? IF prices continue at this low point, then it would not be unreasonable to expect that part of the energy component in the CPI, to retrace back to spring 2021... by late summer. 

Could they go lower? That might be wishful thinking.

The same cannot be said for Europe. Futures pricing is still triple 2 years ago. Considering the hefty condition of their inventories and also considering the likely average price of those inventories... Triple may become the norm. That is without the anticipated rise going into next winter.

Not sure how all this will play out, with the price schemes, caps, subsidies, etc. and future implications of a return to the principles of the Maastricht Treaty.