Commodity Market Report
North America gas markets weekly update
Report summary
Prior to the start of the Christmas holiday season, the January 2021 NYMEX Henry Hub contract had recovered to near $2.80/mmbtu with a glimmer of hope of colder weather returning. Instead, warmth was delivered and near 50 cents eroded away before today’s “bottom buying”. Last week we asked the below questions and provide the answers this week: • Where is weather headed for the next couple of weeks as we close out 2020? Warm and warmer. • Will US gas production start to taper off? No, back near November daily highs. • Will US LNG feed gas levels continue near record highs? Yes, as Corpus Christi Train 3 returns back to action. The coldest winter months lie ahead, but if the above answers remain intact, the start of 2021 does not look positive for Henry Hub gas prices unlike global gas prices that remain detached from it and multitudes higher.
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