Commodity Market Report

North America gas short-term outlook: A warm closeout to a mild winter

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February follows January as yet another milder-than-normal, peak-winter month. Early forecasts into March do not provide a significantly colder view either. As a result, the natural gas storage surplus is growing and putting further pressure on Henry Hub prices in the near term at below $2.50/mmbtu. However, a steep contango still supplies prices greater than $4/mmbtu in the next winter’s peak months. Can this dynamic persist? As we closeout peak winter, North American gas markets ask: • Are there signs of higher gas burns at recently reduced gas prices? • Have producers signalled for drastic measures to limit supply? • Will currently oversupplied markets rebalance in 2024?

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What's included

This report contains:

  • Document

    February 2023 STO.pdf

    PDF 720.77 KB

  • Document

    Basis Outlook.xls

    XLS 118.50 KB

  • Document

    Demand Detail.xls

    XLS 819.00 KB

  • Document

    Industrial Index.xls

    XLS 93.50 KB

  • Document

    LNG Detail Incl Export.xls

    XLS 211.00 KB

  • Document

    NGL Price Outlook.xls

    XLS 575.50 KB

  • Document

    Northeast Takeaway Capacity.xlsx

    XLSX 403.38 KB

  • Document

    Power Demand Curve.xls

    XLS 81.00 KB

  • Document

    Price Outlook.xls

    XLS 130.50 KB

  • Document

    Storage Outlook.xls

    XLS 113.00 KB

  • Document

    Supply Demand Balances.xls

    XLS 261.00 KB

  • Document

    Supply Detail.xlsx

    XLSX 278.22 KB