Commodity Market Report

North America gas markets short-term outlook: Warm November erodes winter gas price premia

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19 November 2020

North America gas markets short-term outlook: Warm November erodes winter gas price premia

Report summary

Winter is off to a slow start after a late October feint. After rising to near $3.40/mmbtu last month, the December contract is now about $0.70 lower (as of 18 November) and continues to be pressured due to mild weather. We think it's still too early to call off the winter, though. Outside of weather, fundamentals continue to support higher prices and indicate a significantly under-supplied gas market. • LNG feed gas deliveries are reaching new records • Mexican exports are higher than ever • Our industrial demand view has increased with a recovering GDP outlook. Meeting this demand is underperforming production, so there is still a mismatch that will come under pressure if weather even hints at turning colder.

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What's included

This report contains:

  • Document

    North America gas markets short-term outlook Warm November erodes winter gas price premia.pdf

    PDF 4.64 MB

  • Document

    Basis Outlook.xls

    XLS 115.50 KB

  • Document

    Demand Detail.xls

    XLS 801.00 KB

  • Document

    Industrial Index.xls

    XLS 116.50 KB

  • Document

    LNG Detail incl Export.xls

    XLS 231.00 KB

  • Document

    NGL Price Outlook.xls

    XLS 177.50 KB

  • Document

    northeast-takeaway-capacity.xlsx

    XLSX 472.93 KB

  • Document

    Power Demand Curve.xls

    XLS 183.00 KB

  • Document

    Price Outlook.xls

    XLS 122.50 KB

  • Document

    Storage Outlook.xls

    XLS 162.00 KB

  • Document

    Supply Demand Balances.xls

    XLS 328.50 KB

  • Document

    Supply Detail.xlsx

    XLSX 280.45 KB