US gas storage drawdowns to remain high in February8 February 2017
Colder temperatures are expected in the United States during February 2017 compared with the same month last year, which will contribute towards high gas drawdown rates in the country. This will also be a bullish factor for Henry Hub prices over the coming weeks.
Weather forecasts suggest the Total Degree Days figure in the US will average 697F in February compared with 638F in February last year, which will increase weather-related gas demand in the country. GGA forecasts weather-related gas demand in the US will increase by 9.2% in February on an annual basis, to 55.6 billion cubic metres. Meanwhile, high gas consumption by the power and industrial sectors will also support Henry Hub prices during the month.
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