Commodity Market Report
North America gas weekly update: Storage surplus expanding
Report summary
A natural gas price “relief rally” as high as near $2.60/mmbtu continues after the NYMEX January 2024 contract collapsed as low as $2.25/mmbtu last week. However, market fundamentals do not provide much price support with still booming US gas production amidst a milder than normal closeout to December. The winter risk premium represented by the price spread between the March/April 2024 contracts has disappeared and even flipped to negative. Not surprisingly, the US L48 working gas storage surplus is set to expand significantly in the weeks ahead.
Table of contents
- Note: No report will be published next week on 26 December due to Christmas holidays. We will resume our regular weekly North America gas commodity report publishing schedule on 2 January 2024.
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