The cold weather has simply not arrived. After the lowest summer U.S. natural gas prices since 1998, the market has continued to fall this winter 2019-2020. The cold weather has simply not arrived. In fact, after the second warmest November on record, nine of the ten weeks ending November 23 to January 25 were all “warmer” than normal, as recorded by Heating Degree Days. In turn, the storage withdrawals to meet winter’s collision of heating and power demand have been much lower than normal (see Figure). By the close of January, U.S. gas inventories stood almost 25 percent above the same time last year and 10 percent above the five-year average. On January 21, Henry Hub spot prices crashed below $2 per MMBtu for the first time since the end of May 2016. Source: EIA Beyond just very mild winter weather, U.S. gas prices have remained at historic lows […]