Mild temperatures have trumped all other market conditions this winter, even with a flattening of production growth for the first time in five years. Short-term gas demand for residential and commercial heating has lessened and gas-to-power burn has dropped from the higher volumes seen in mid-February. Ratcheting requirements could still pull more gas from storage into a market that is already awash in supply, but the demand equation, and ultimately supply-demand balance in the market, will be a function of how quickly winter recedes and spring arrives.
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