Arctic cold hit North America over the past week, and heavy demand and storage draws pushed the January NYMEX close to $3.26, up from $3.07/mmbtu in late November. For both commodities, tighter markets should keep prices elevated through the winter season and into 2017. The question now is how quickly additional supplies could come online given renewed price strength. In Wood Mackenzie's view, even with a stronger rig recovery in the oil plays and continued drilling increases in the Haynesville, Henry Hub prices look set to average $3.63/mmbtu for 2017. By 2018, a surge in associated gas supply and delayed Northeast debottlenecking projects should ease prices down to $3.55/mmbtu, with relatively weaker prices late in the year.