Commodity Market Report
North America gas weekly update: Winter rhymes with 2015?
Report summary
Prices continue to fall lower. Prompt January NYMEX Henry Hub is now trading at about $2.25/mmbtu, $0.20 lower than last week and $0.50 lower than a month ago. A lack of persistent cold, continued US production growth, and a storage cushion are all contributing. As low as they are, prices still aren’t as low as they were in December 2015, which saw over 4 tcf in storage at the beginning of the winter season, and mild weather dropped prices to below $2.00/mmbtu. The response over the next year was dramatic: production fell 4 bcfd by December 2016 from peak 2015 levels, and power’s call on gas displaced much coal. Correspondingly, prices recovered to $3.75/mmbtu. History often rhymes, but will it repeat itself?
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