Commodity Market Report
North America gas markets short-term outlook: Winter is coming
Report summary
All eyes on the weather. An early cold front has pushed the prompt month prices above $3.00/mmbtu for the first time since early 2019. Recovering LNG demand and dissipating storage containment fears have also provided price support. However, despite the record LNG demand and lower overall supply expected this winter, we’re still forecasting storage to exit the withdrawal season at a relatively healthy 1.5 tcf. This places the NYMEX winter strips as overvalued, but that could quickly change. Again, all eyes on the weather.
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