每周天然气库存增加符合预期

192225283134374043464952WeeksTotal L485-Yr Avg , 2020 -2024202420255/9/2025% ∆ WoW% ∆ YoY% ∆ vs. 5-Yr Avg(2020-2024)3969%-15%-1%4807%-19%-3%1854%-5%37%2373%-6%11%9574%-10%0%3084%1%7%6484%-15%-3%2,2555%-13%2% Lloyd Byrne * | Equity Analyst(212) 323-7528 | lloyd.byrne@jefferies.comSam Burwell, CFA * | Equity Analyst+1 (212) 284-2114 | sburwell@jefferies.comJohn Edelman * | Equity Analyst(212) 336-7412 | jedelman@jefferies.comEmma Schwartz * | Equity Analyst1 (212) 336-7254 | emma.schwartz@jefferies.comTara Bleustein * | Equity Associate+1 (212) 323-7595 | tbleustein@jefferies.comRoger Agarwal ^ | Equity Associate+1 (647) 588-5370 | ragarwal4@jefferies.comGiacomo Romeo ‡ | Equity Analyst44 (0) 20 7548 4727 | giacomo.romeo@jefferies.com Exhibit 3 - Natural Gas Spot Prices by Hub ($/MMBtu).Henry HubHouston Ship ChannelWahaAECOANR SoutheastChicago City GateCity Gate (Michigan)Oneok OGTLeidy HubDominion NorthDominion SouthTetco Zone M2 ReceiptsTetco M2Tetco M3Marcellus (Zone 4)Transco Zone 6 NYZone 6 Non-NYOpalCIG MainlinePG&E City GateSocal City GateDawn OntarioEmpress AlbertaKaty Hub, TxTransco Station 85Tetco West LATennessee 500 LegTransco Station 65Source: Bloomberg.Exhibit 4 - US LNG Net Flows.-18-16-14-12-10-8-6-4-201/11/292/263/26bcf per day2020Source: BloombergPlease see important disclosure information on pages 45 - 49 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. EIA Weekly Natural GasStatus Report DataEQUITY RESEARCH |Energy Lloyd ByrneEquity Analystlloyd.byrne@jefferies.comJohn EdelmanEquity Analystjedelman@jefferies.comEmma SchwartzEquity Analystemma.schwartz@jefferies.comSam Burwell, CFAEquity Analystsburwell@jefferies.comTara BleusteinEquity Associatetbleustein@jefferies.com Summary Lloyd Byrne, Equity Analyst, +1 929-595-5312, lloyd.byrne@jefferies.comSummary2Source: EIA, Jefferies101214$/mmbtuRegion (bcf)East RegionMidwest RegionMountain RegionPacific RegionSouth Central RegionSaltNonSaltTotal Lower 48 Lloyd Byrne, Equity Analyst, +1 929-595-5312, lloyd.byrne@jefferies.comTotal L48 Inventories Analysis (Continued)3Source: EIA, JefferiesTotal L48 Natural Gas Inventories (bcf)1 Week4-Week TrailingWeek20252024% ∆ YoY5-Yr Average% ∆ vs. 5 Yr Avg20252024% ∆ YoY13,3733,3361%3,1208%3,4843,47023,1153,182-2%2,9725%3,3583,37132,8922,8561%2,8023%3,1983,21342,5712,659-3%2,600-1%2,9883,00852,3972,584-7%2,436-2%2,7442,82062,2972,530-9%2,2960%2,5392,65772,1012,470-15%2,147-2%2,3422,56181,8402,374-22%2,035-10%2,1592,49091,7602,334-25%1,953-10%2,0002,427101,6982,325-27%1,912-11%1,8502,376111,7072,332-27%1,881-9%1,7512,341121,7442,296-24%1,867-7%1,7272,322131,7732,259-22%1,848-4%1,7312,303141,8302,283-20%1,881-3%1,7642,293151,8462,333-21%1,939-5%1,7982,293161,9342,425-20%1,992-3%1,8462,325172,0412,484-18%2,056-1%1,9132,381182,1452,569-17%2,1400%1,9922,453192,2552,640-15%2,2271%2,0942,530202,3752,719-13%2,3182%2,2042,60321NM2,804NM2,415NMNM2,68322NM2,900NM2,516NMNM2,76623NM2,974NM2,587NMNM2,84924NM3,045NM2,663NMNM2,93125NM3,102NM2,746NMNM3,00526NM3,134NM2,795NMNM3,06427NM3,199NM2,852NMNM3,12028NM3,209NM2,887NMNM3,16129NM3,231NM2,913NMNM3,19330NM3,249NM2,935NMNM3,22231NM3,270NM2,970NMNM3,24032NM3,264NM3,000NMNM3,25433NM3,299NM3,037NMNM3,27134NM3,334NM3,076NMNM3,29235NM3,347NM3,113NMNM3,31136NM3,387NM3,179NMNM3,34237NM3,445NM3,257NMNM3,37838NM3,493NM3,336NMNM3,41839NM3,548NM3,429NMNM3,46840NM3,630NM3,518NMNM3,52941NM3,706NM3,602NMNM3,59442NM3,785NM3,671NMNM3,66743NM3,864NM3,742NMNM3,74644NM3,931NM3,764NMNM3,82245NM3,972NM3,804NMNM3,88846NM3,969NM3,788NMNM3,93447NM3,967NM3,758NMNM3,96048NM3,937NM3,712NMNM3,96149NM3,747NM3,618NMNM3,90550NM3,622NM3,522NMNM3,81851NM3,529NM3,386NMNM3,70952NM3,413NM3,287NMNM3,578 Lloyd Byrne, Equity Analyst, +1 929-595-5312, lloyd.byrne@jefferies.comGas Power Demand4Source: Bloomberg, Jefferies2025303540455055JanFebMarbcf/d2019 US Regional Breakdown Lloyd Byrne, Equity Analyst, +1 929-595-5312, lloyd.byrne@jefferies.comNatural Gas Inventories–Lower 48 & East Region6Source: EIA, Jefferies5001,0001,5002,0002,5003,0003,5004,000147101316192225283134374043464952billion cubic feetWeeksTotal L485-Yr Range , 2020 -20245-Yr Avg , 2020 -2024202420251002003004005006007008009001,000147101316192225283134374043464952billion cubic feetWeeksEast5-Yr Range , 2020 -20245-Yr Avg , 2020 -202420242025-800-600-400-2000200400600800Dec-22Feb-23Apr-23Jun-23Aug-23Oct-23Dec-23Feb-24Apr-24YoYChangeTotal L48 Storage-150-100-50050100150200Dec-22Feb-23Apr-23Jun-23Aug-23Oct-23Dec-23Feb-24Apr-24YoYChangeEast Lloyd Byrne, Equity Analyst, +1 929-595-5312, lloyd.byrne@jefferies.comNatural Gas Inventories–Midwest & Mountain Regions7Source: EIA, Jefferies1003005007009001,100147101316192225283134374043464952billion cubic feetWeeksMidwest5-Yr Range , 2020 -20245-Yr Avg , 2020 -2024202420255075100125150175200225250275300147101316192225283134374043464952billion cubic feetWeeksMountain5-Yr Range , 2020 -20245-Yr Avg , 2020 -202420242025-250-200-150-100-5005010