Below-average temperatures are forecast across the United States in February at a time when the country’s gas stocks will be depleted – a particularly bullish signal for Henry Hub prices. A cold February will also increase volatility in exchange-traded and regional gas prices in the US and Canada.
January has so far been mild in the US, which has weighed on Henry Hub prices. However, cold weather is expected to return towards the end of the month and continue during February. The country’s Total Degree Days figure is forecast to average 694F in February 2017 compared with 639F in February 2016. GGA expects weather-related gas demand in the US to be 55.5 billion cubic metres in February, an increase of 9% on an annual basis.
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