Commodity Market Report
North America gas weekly update: Past the climatological peak of the Atlantic hurricane season
Report summary
10 September marks the climatological peak of the Atlantic hurricane season, with most activity occurring between mid-August and mid-October. With no storm impacts to date, our LNG feedgas seasonality assumption for September was too high and hence has had the impact of reducing US gas storage levels by near 30 bcf. Although past the peak, it’s still too early to write off the remainder of the season as two disturbances have formed again. Record daily US gas production continues to be set and September to date has outperformed our expectations. All this is being achieved without Northeast volumes back to its prior winter record highs. In the weeks ahead the North America gas market asks: • Can even higher US gas production levels be achieved? • How much more will domestic demand fall? • Will the warmth in temperatures continue?
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