North America gas weekly update: Coldest week of the winter, but no persistence

When will we learn our lesson? US gas producers, armed with its vast low-cost resources, has once again “unleashed” its supply growth into the once promising winter market. With mother winter not helping either, the winter price premia has eroded away rapidly with the Henry Hub March/April 2024 contract spread down to a mere 3 cents. Producers are now likely setting their targets on January 2024, where Henry Hub gas prices are still well above $4/mmbtu Winter is not over yet as we enter peak withdrawal season. However, with no persistence of colder than normal weather, has the market already given up?