Commodity Market Report
North America gas markets short-term outlook: Winter gas market ending before even starting?
Report summary
A warm start to the winter and recent surge in US gas production has eroded the winter premium already. Winter is far from over, but early cold is vastly different from late cold for North America gas markets. However, supportive price levers are also occurring. • Lower Henry Hub prices are reducing the amount of coal-to-gas displacement expected to be backed out. • With higher global gas prices, the price differential between markets widen even further keeping US LNG well “in the money”. Meanwhile, regional gas markets in the Northeast and Permian have strengthened with winter demand and excess takeaway capacity will persist into 2021/2022 to support it.
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