Commodity Market Report
North America gas weekly update: Winter over?
Report summary
Despite not even arriving at true winter yet, North American gas markets seem to have written off concerns of cold. • The remainder of winter is averaging $3.66/mmbtu after repeated mild weather forecasts. • The March/April spread premium has collapsed to a nearly unrecognizable 8 cents, after spiking up to $1.80 in early October. US gas production continues to surprise to the upside, even with higher LNG demand trying to balance it out. The storage deficit to the five-year average is even expected to flip to a surplus in a few weeks. • Will this surplus continue into the new year? • And will a lack of colder weather pressure Henry Hub further to the downside?
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