Commodity Market Report
North America gas short-term outlook: Winter storage withdrawals disappoint
Report summary
Near record mild January temperatures following Winter Storm Elliott along with no signs of Freeport LNG restarting anytime soon have collapsed 2023 Henry Hub gas prices by over $2 from just a month ago to well under $3.30/mmbtu. Adding insult to injury, US gas production has fully recovered above pre-freeze off levels and is even showcasing new record highs. February weather is not correlated to January, but if cold signals develop, gas prices may potentially halt their current slide. With summer 2023 North America gas markets flipping to oversupply find out more about: • How will storage containment issues be avoided? • Will gas prices need to move even lower? • Further out, how are gas market fundamentals shaping up for 2024?
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