每周天然气库存增长低于预期

Total L48eCS13161933437Weeks5-Yr Avg,2020 -202420242025% vs. 5-Yr Avg6/27/2025% Wow%(2020-2024)6022%-10%6883%-11%2281%-6%2871%1%1,1481%-2%342-1%4%8062%4%2,9532%-6% 1%0%24%10%6%12%4%5% Lloyd Byrne * IEquity Analyst(212) 323-7528 Illoyd.byrne@jefferies.comSam Burwell, CFA * IEquity Analyst+1 (212) 284-2114| sburwell@jefferies.comJohn Edelman * IEquity Analyst(212) 336-7412 ljedelman@jefferies.comEmma Schwartz*IEquityAnalyst1 (212) 336-7254l emma.schwartz@jefferies.comTara Bleustein*IEquity Associate+1(212)323-75951tbleustein@jefferies.comRoger Agarwal ^ IEquity Analyst+1(647)588-53701ragarwal4@jefferies.comGiacomo RomeoIEquityAnalyst44 (0) 20 7548 4727igiacomo.romeo@jfferies.com JefferiesExhibit 3 - Natural Gas Spot Prices by Hub ($/MMBtu)Henry HubHoustonShipChannelWahaAECOANR SoutheastChicago City GateCity Gate (Michigan)Oneok OGTLeidy HubDominion NorthDominion SouthTetcoZoneM2ReceiptsTetco M2Tetco M3Marcellus (Zone 4)Transco Zone 6NYZone 6 Non-NYOpalCIG MainlinePG&E City GateSocal City GateDawn OntarioStation 2Katy Hub, TxTransco Station 85Tetco West LATennessee500 LegTransco Station 65Exhibit 4 - Henry Hub Spread (AUG 25-AUG 26)Henry Hub Spread (AUG 25-AUG 26)$1.00$0.50$(0.50)$(1.00)Source: Bloomberg.Please see important disclosure information on pages 45 - 49 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited EQUITY RESEARCH I EnergyElA WeeklyNatural GasStatusReportData Lloyd ByrneEquity AnalystIloyd.byrne@jefferies.comJohn EdelmanEquityAnalystjedelman@jefferies.comEmmaSchwartzEquityAnalystemma.schwartz@jefferies.comSam Burwell, CFAEquity Analystsburwell@jefferies.comTara BleusteinEquity Associatetbleustein@jefferies.comJefferies Summary SummaryRegion (bcf)East RegionMidwest RegionMountain RegionPacific RegionSouthCentral RegionSaltNonSaltTotal Lower 481412108620Source: ElA, Jefferies2Lloyd Byrne, Equity Analyst, +1 929-595-5312, Iloyd.byrne@jefferies.com Gas Power Demand55504540p/q35302520JanFebMar2019Source: Bloomberg, JefferiesLloyd Byrne, Equity Analyst, +1 929-595-5312, Iloyd.byrne@jefferies.com US Regional Breakdown Natural Gas Inventories - Lower 48 & East RegionTotal L484,000Total L48 Storage8003,5006003,000400feetChange2000-2001,500-4001,000-600008-1013161922283134374043464952Jan-23Mar-23May-23Jul-23Sep-23Nov-23Jan-24Mar-24May-24Weeks5-Yr Range, 2020 -20245-Yr Avg,2020 -2024202420 251,000East200East900150800100feet700Changebillion cubic60050500YoY0400-50300-100200100-150101316192225283134374043464952Jan-23Mar-23May-23Jul-23Sep-23Nov-23Jan-24Mar-24May-24Weeks5-Yr Range , 2020 -20245-Yr Avg,2020 -202420242025Source: ElA, JefferiesLloyd Byrne, Equity Analyst, +1 929-595-5312, Iloyd.byrne@jefferies.com Natural Gas Inventories - Midwest & Mountain RegionsMidwestMidwest2001,100150100900billion cubic feetChange507000-50YoY500100-150300-200100-2501628Jan-Mar-23May-23Jul-23Sep-23Nov-23Jan-24Mar-24May-24Jul-24Sep-24Nov-24Weeks5-Yr Range , 2020 -20245-Yr Avg, 2020 -202420242025Mountain100Mountain30027580250Change0g20040175YoY15020125100075-20507101316192225283134374043464952Jan-23Mar-23May-23Jul-23Sep-23Nov-23Jan-24Mar-24May-24Jul-24Sep-24Nov-24Weeks5-Yr Range, 2020 -20245-Yr Avg, 2020 -202420242025Source: ElA, JefferiesLloyd Byrne, Equity Analyst, +1 929-595-5312, Iloyd.byrne@jefferies.com Natural Gas Inventories - Pacific & South Central Regions3. DNB: First Glance - A 5% miss, disappointing350200ISA Reform; First glances - Avanza, DNB, Storebrand, Tryg; Love Actuary300150100Use the links below to jump straight to each section:50YoY050100-100-1500010131619222528Jan-23Mar-23May-23Jul-23Sep-23Nov-23Jan-24Mar-24May-24Jul-24Sep-24Nov-24Jan-25Weeks5-Yr Range, 2020 -20245-Yr Avg, 2020 -202420242025SouthCentral1,400500South Central1,3004001,2003001,100guidance at this stage. Media call at 8.30am UK and investor conf call at 12.30.200cubic100900Global Financials wrap, Trading Recap and ColourYoY800100700-200600500-300400400101316192225283134374043464952Mar-23May-23Jul-23Sep-23Nov-23Jan-24Mar-24May-24Jul-24Sep-24Nov-24Jan-25Weeks5-Yr Range,2020 -20245-Yr Avg. 2020 -202420242025Source: ElA, JefferiesLloyd Byrne, Equity Analyst, +1 929-595-5312, Iloyd.byrne@jefferies.com Natural Gas Inventories - South Central Salt & Non-Salt400South Central-Salt150South Central - Salt350100300Change50YoY-50150-100100-150101316192225283134374043464952Jan-23Mar-May-23Jul-23Sep-23Nov-23Jan-24Mar-24May-24Jul-24Sep-24Nov-24Weeks5-Yr Range ,2020 -2024- 5-Yr Avg , 2020 -20242025220241,000SouthCentral-NonSalt300South Central - Non Salt250900200150cubicfeetChange100700506000billionYoY-50500-100150400-200300-25010132225283134374043464952Jan-23Mar-23May-23Jul-23Sep-23Nov-23Jan-24Mar-24May-24Jul-24Sep-24Nov-24Weeks5-Yr Range ,2020 -20245-Yr Avg, 2020 -202420242025Source: ElA, JefferiesLloyd Byrne, Equity Analyst, +1 929-595-5312, Iloyd.byrne@jefferies.com Canadian Gas Inventories Canadian Natural Gas Inventories - TotaTotal Canada800700400300200101319222528313437Weeks5-Yr R