• NOAA is projecting warmer than normal weather for most of the lower 48 for the period Jan 12-18. The projection has resulted in significantly lower natural gas prices this past week. NOAA’s Seasonal Outlook for Jan – Mar 2023 projects warmer than normal weather for the South and East Coast but colder than normal for the Northwest with normal temps in the Central states.
  • Conditions that are different than last year, that Members should note:
    • The economy is slowing down. The Federal Reserve Board of Forecasters predicts a 1% growth for Q4 2022 GDP.
    • Europe appears to be well supplied as warmer weather has cut heating demand. European LNG prices are roughly $10-$20 lower than this time last year.
    • The rapid fall of natural gas prices increases the risk of investment.