Commodity Market Report
North America gas short-term outlook: A more balanced market for 2023 and beyond
Report summary
It’s going to be a very cold Christmas unless you are in the West. An arctic cold blast is set to blanket the rest of the US Lower 48 and significantly increase heating loads and storage withdrawals. However, a milder closeout to 2022 thereafter will prevent a more significant drawdown to storage inventories in both the US and Canada. Winter is far from over, but with three months to go, less of it remains. The North America gas market asks the following as it enters 2023: • Will Freeport LNG enjoy a smooth restart when it finally gets the go-ahead? • Will US gas production continue to increase or even accelerate? • How low will gas storage exit the winter?
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