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Commodity Market Report

North America gas short-term outlook: Winter storage withdrawals disappoint

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19 January 2023

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?

Table of contents

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Tables and charts

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What's included

This report contains:

  • Document

    January 2023 STO.pdf

    PDF 838.80 KB

  • Document

    Basis Outlook.xls

    XLS 123.00 KB

  • Document

    Industrial Index.xls

    XLS 91.00 KB

  • Document

    LNG Detail Incl Export.xls

    XLS 242.50 KB

  • Document

    NGL Price Outlook.xls

    XLS 554.00 KB

  • Document

    Northeast Takeaway Capacity.xlsx

    XLSX 482.71 KB

  • Document

    Power Demand Curve.xls

    XLS 183.50 KB

  • Document

    Price Outlook.xls

    XLS 120.00 KB

  • Document

    Storage Outlook.xls

    XLS 110.00 KB

  • Document

    Supply Demand Balances.xls

    XLS 284.00 KB

  • Document

    Supply Detail.xlsx

    XLSX 318.59 KB

  • Document

    Demand Detail.xls

    XLS 951.50 KB