North America gas short-term outlook: Arctic blast is short-lived with quick warm up

Extreme cold temperatures blanketed North America in mid-January. To meet record levels of demand amidst wellhead freeze offs, storage withdrawals and Canadian net imports ramped up. Additionally, US LNG exports dialed down and even sent gas back into the grid. However, larger and longer-lasting impacts were avoided with a quick warm up in the chill’s wake. Prices that spiked upward have given back nearly all their gains and may trend even lower absent a return of sustained, colder winter weather. Find out more about where North American gas markets are headed: • How much has the storage surplus contracted to due to the arctic blast? • Why has the supply outlook in the Northeast and Haynesville been upgraded? • Will oversupplied gas markets continue into 2024 and 2025?