North America gas weekly update: Warm Thanksgiving

Despite another week of record-setting LNG feed gas deliveries, US gas production is continuing to outperform expectations. This, along with the warm weather last week, led to reduced withdrawals, and reduced Henry Hub gas prices. With Woodmac heating degree days totaling not much lower than the previous week, we expect Lower 48 storage to barely avoid flipping back to injection mode. Colder short-term weather model runs have put a little bit of fire under Henry Hub, but prices have been largely range bound. Everyone’s waiting on a little more solid direction from the weather.