North America gas weekly update: left out in the warm

Our northern hemisphere neighbours are getting the cold weather, and North America is stuck looking over both ponds at higher global gas prices. So far, short-term weather models have not brought forward a spill over of polar cold air. Outside of weather, North America gas fundamentals remain supportive of prices. Production’s recovery is stalling, and on the demand side of the ledger, LNG utilization remains high. These two factors are creating an undersupplied market, and even without weather’s help, we expect storage to flip to a deficit year-over-year by the start of February.