Commodity Market Report
North America gas weekly update: Drawdown
Report summary
US storage withdrawals for the last five weeks have exceeded 1 Tcf cumulatively. Despite not recording a weekly withdrawal above -300 bcf, five consecutive weekly storage withdrawals at or above -200 bcf will be a first. Weekly storage withdrawals should now drop down into the -100 bcf level as we exit peak winter. However, the increased drawdown of withdrawal season storage will put more strain on the upcoming injection season. Winter is not over yet. If we do get colder into March as well, refilling storage will need higher production as well as gas burns to start to back off. Elevated injection season pricing may be the price to pay in order to do so.
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