Elevated natural gas storage volumes and lower demand looks to offset decreased supply flowing into the US Midwest this winter, but Chicago prices could strengthen if the region pulls more gas from the Southeast to mitigate supply losses. Total Midwest supply is expected to fall in winter 2020-21 from the previous winter on declining Bakken Shale production and lower inflows. Total production in the region last winter averaged 2.3 Bcf/d, but should fall to 2 Bcf/d this coming winter, according to S&P Global Platts Analytics. While Bakken production has recovered much since March’s price collapse, production is still expected to be 257 MMcf/d below winter 2019-20 levels, at 1.8 Bcf/d. Additionally, lower production in surrounding regions has reduced supply to […]