North America gas weekly update: Last injection

Europe and North America are two different markets, but they’re showing an uncanny price correlation since the start of this injection season. That correlation is starting to break down. Although the US Lower 48 is entering winter with underground working gas storage not too far off from the five-year average, Europe’s news of potential delays to Nord Stream 2 is creating additional worries on top of their already low storage levels. US production hasn’t been able to hold the year-to-date highs from earlier this month, but particular plays are still pushing the envelope, and power burns have dropped somewhat in the light of milder weather leading to yet another injection, albeit likely the last of the season.