Commodity Market Report
North America gas markets short-term outlook: Record February storage withdrawals
Report summary
After three relatively quiet winter months, extreme cold weather in February shocked North America gas markets especially across the Midcontinent and Gulf Coast, resulting in record Henry Hub cash prices and triple-digit regional market prices. Even with lower exports, power outages, reductions in industrial demand and higher imports attempting to mitigate production freeze-offs and higher heating loads, US gas storage withdrawals ramped up to a record in February, and we now expect end of withdrawal season exit levels at about 1.46 Tcf.
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