• The most recent NOAA projection calls for moderate weather and extreme cold has yet to be seen. Longer-term forecasts do not project colder-than-normal weather for the Continental U.S.
  • Natural gas storage withdrawals over the last two weeks have been higher than market expectations, indicating higher than anticipated demand. While still lower than the five-year average, if cold weather appears withdrawals could spike.
  • Natural gas commodity has record levels of production occurring without the heating demand needed to absorb the increase, which has buoyed storage and depressed prices.
  • Natural gas transportation (basis) prices are at their lowest levels since June 2021.
  • Wholesale power prices follow movements in the natural gas commodity and natural gas transportation prices.