North America gas markets weekly update: December contract jumps above $4.05

Inventories have not been this low the first week of November since 2003. Everyone knew storage would be far below average coming into withdrawal season this year. However, the seasonal forecasters agreed that El Nino meant a warm winter was likely. Strong momentum on production growth meant that the market was more comfortable with low inventories than it has been the last decade. That didn't last long. One week of abnormally cold weather for the week ending November 16 has helped spike gas over 50 cents in the past five days to over $4.00 for the first time since 2014.