Commodity Market Report
North America gas weekly update: Sizzler
Report summary
Henry Hub gas prices have sizzled higher very quickly, up over 50 cents intraday since last week, before calming back down at market close. Prices rose to its highest level since last November 2018 when early cold coincided with entering winter at lower storage levels. The sizzle has extended further out the curve with the January 2022 NYMEX contract threatening to reach $4/mmbtu. What’s driving these sizzling prices? • Sizzling record temperatures and high power burns. • LNG feed gas levels are back up near record highs. • Mexican exports are setting record highs. • And, perhaps gas production is underperforming as well.
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