North America gas weekly update: deep freeze Report

Commodity Market Report 09 February 2021

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Report summary

February 2021 has finally brought some lasting significant cold weather, reversing the mild trend from the first three months of the withdrawal season. So far, it looks to be among the 10 coldest February’s on record. With March 2021 also forecasted to be colder than normal, the back half of this winter is proving to be the polar opposite of the first three months. Look out for significantly higher gas storage withdrawals ahead, as significantly colder weather will increase production freeze-offs and stir domestic heating demand.