• Colder weather is moving in from the West although New England is projected to be warmer than normal through the 18th. The longer-term forecast does not project colder than normal weather for the Continental US.
  • The withdrawal for the week of December 29th came in well below the five-year average and market expectations. The large storage surplus is muting the market’s reaction to the cold weather outlook.
  • Record levels of production are occurring without the heating demand needed to absorb the increase which has buoyed storage and depressed prices.
  • New England natural gas transportation basis prices are at their lowest levels since June 2021.