NYMEX Natural Gas Futures Contract Natural gas prices continued to fall today with the prompt month February 2023 contract falling another 10% (US$0.452/MMBtu) to $3.72. Prices were downward for the majority of the day, before hitting a low of $3.651 and climbing into the 2:30 PM settle.
Fundamentals Warm weather continues to fuel low prices as warmer than expected weather is expected into late January/early February and has become the predominant fundamental affecting prices. This comes with the fact that it is warm worldwide as well. The weekly U.S. Energy Information Administration (EIA) Lower-48 storage report came out at 10:30AM today. While the varying estimate surveys came in at a range of a withdrawal of 228 billion cubic feet (Bcf) to 250 Bcf, the actual number came in at 221 Bcf, adding to the already existing bearish momentum. ~CL