North America gas weekly update: Record power demand tightens summer markets
Hurricane Idalia is set to make landfall in Florida, but like last week’s Tropical Storm Harold, the market impact will be limited. Although a much more potent storm, Idalia is likely to result in mostly transient demand destruction through outages and reduced cooling loads. Elsewhere, blazing temperatures have continued to support markets by resulting in record power demand which is set to persist in the South Central until at least mid-September. This weekly natural gas commodity report seeks to explore: • How much will Idalia impact power demand? • Is LNG utilization still probing seasonal lows? • Will US gas production start to grow again?