Commodity Market Report
North America gas weekly update: Warm and warmer
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Report summary
December 2019 is closing out as the 4th warmest dating back to 1960. The impact to the next three weekly storage estimates is a flip back to a 179 bcf surplus versus the five-year average. Despite consecutive triple digit weekly storage withdrawals that were much higher than consensus, Henry Hub January prices settled even lower at $2.158/mmbtu. Our expected -61 bcf withdrawal to be reported for the week ending 27 December provides little support to the now prompt February Henry Hub price also currently below $2.16/mmbtu. The silver lining for 2020 as we enter the year of the rat? US gas production continues to trend lower, especially in the Northeast, while LNG feed gas deliveries is back up to record highs and pointing to eclipsing 9 bcfd. Note: please find an abridged version for this New Year’s week.
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