North America gas weekly update: $2 below

Time is running out for peak winter weather days. With January setting up to be the 3rd warmest on record and an early look into February now indicating continued winter warmth, Henry Hub prices have cratered below $2/mmbtu. In fact $2 below Henry Hub prices are being set by the market until upcoming peak summer months in 2020. Weekly storage withdrawals at -85 bcf, lower than both the five-year average and last year are expected for the week ending 17 January as a result. However, more constructive longer range fundamental trends continue with US gas production in decline mode for the last two consecutive months and new LNG train start-ups adding to already record feed gas levels. Will Henry Hub take notice or is more down drift necessary to speed up the journey back to higher prices?