Commodity Market Report
North America gas weekly update: Unseasonable injections return
Report summary
No Thanksgiving joy for gas market bulls. Mild weather and record US gas production are contributing to yet another flip back to storage injections. Despite colder than normal weather ushering in a larger withdrawal at November’s end, no persistent winter chill is currently visible ahead. Not surprisingly, the December 2023 Henry Hub gas contract expired with a whimper at $2.706/mmbtu, a far cry from last December’s $6.71/mmbtu settlement. The January 2024 contract is now trading as the prompt month at $2.84/mmbtu, lower than the 2024 summer strip. Something has got to give.
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