North America gas weekly update: mild ahead Report

Commodity Market Report 02 March 2021

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Report summary

After a record two-week prior cumulative gas storage withdrawal and one of the coldest February periods ever, weather appears to be returning to normal and even getting milder. The prompt NYMEX April 2021 contract has shrugged, barely changed after last week’s report, as there was no surprise upside to withdrawals. There could have been, however, if the polar vortex had expanded beyond the US “midsection” or not caused so much demand destruction in terms of power outages, export reductions, and price sensitive industrial demand losses.