Commodity Market Report
North America gas weekly update: Is winter already over?
Report summary
Henry Hub gas prices continue its downward spiral lower with the start of 2023 breaking under $4/mmbtu. After two weeks of significant cold that flipped storage back into a deficit, milder weather for the first half of January is set to rapidly reduce it. Acting like winter is already over, an unprecedented injection week may occur for the week ending 6 January. Northern hemisphere winters often correlate, and Northwest Europe is even facing a record heatwave reducing the pressure off its storage concerns. Although the price spread with Henry Hub remains wide open, will lower global gas prices start to reduce the significant demand pull for US LNG just as Freeport LNG restarts in the 2nd half of January?
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