Commodity Market Report
North America gas weekly update: Cold air outbreak in mid-November
Report summary
A mild start to the winter is shifting to much colder weather conditions as we approach mid-November. Outsized storage injections that have lifted US Lower 48 working gas storage near normal versus the five-year average will quickly shift back into a deficit again. Meanwhile, we have delayed Freeport LNG’s restart assumption by a month to mid-December. Lower LNG feedgas requirements should assist in tempering a further tightening of market conditions. As we enter the winter withdrawal season soon the North America gas markets now ask: • What are the risks for even a later restart at Freeport LNG? • Will US gas production recover with an end to maintenance and more local demand? • Are the colder weather conditions set to persist?
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