Commodity Market Report
North America gas weekly update: Milder post-Christmas temperature forecasts crush Henry Hub gas prices
Report summary
The arctic cold blast currently starting to blanket major gas-consuming regions significantly elevated Henry Hub gas prices. However, the expectation that extreme cold will not be sustained into the new year has since crushed the rally. Will short-term weather forecasts flip again or will peak, January winter weather end up being mild? The storage deficit versus the five-year average flips briefly to a surplus. However, outsized storage withdrawals for the last two weeks of 2022 will quickly result in a larger deficit. Read the weekly natural gas commodity market report to answer the following questions: • Will the storage deficit narrow in 2023? • Where are production freeze-offs occurring? • Are Canadian net imports rising to meet the increased demand requirements?
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