Commodity Market Report
North America gas weekly update: snow day
Report summary
Wood Mackenzie’s short term analytics team released a comprehensive polar vortex impact summary yesterday (attached). Today’s US gas production freeze-off estimate has increased to near 19 bcfd while yesterday’s freeze-off estimate was revised up from 11.9 bcfd to 17.7 bcfd due to downward revisions in pipeline nominations, mainly in the Permian, Haynesville, and other parts of Texas. However, demand destruction may be netting out some of these increases as widespread power outages continue and industrial facilities are ramping down. Lower exports are also occurring down over 11 bcfd, with Mexican exports dropping to a low of 4 bcfd and LNG to slightly above 1 bcfd yesterday.
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