Commodity Market Report
North America gas weekly update: Transient
Report summary
That was quite the about-face for US L48 weekly gas storage changes. Last week’s -98 bcf withdrawal came after the second highest on record, at -338 bcf, and quite a bit lower than market consensus. Why? Likely it’s a combination of factors: • Flush production as freeze-off volumes recover • A slower recovery of industrial demand • Higher wind generation • And more… As we start to exit the withdrawal season, mild March weather looks to completely erase the polar vortex reductions from February. About-face, indeed.
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