North America gas weekly update: Short oil, long gas

What a weekend. Short oil, long gas is proving to be the trade of the week, following the collapse of the OPEC+ deal. Henry Hub bounced off its low point, and the prompt contract is trading near $1.93/mmbtu. Meanwhile, lower oil prices have tempered tight oil and associated gas production forecasts. With tight oil producers potentially tapping hard on the breaks, production that has been relatively flattish month-to-month could deteriorate sooner than expected, which could put some upward pressure on Henry Hub gas prices. Weather, seemingly forever mild these days, may be enough to put a lid on them, though. If further warmth is introduced into the short-term weather forecasts, nationwide weekly injections may not be far off.