NYMEX Natural Gas Futures Contract Prices continued to trade in the same range today with the prompt month February contract settling down US$0.036/MMBtu. Contracts following settled up but under the $0.10 range (December 2023 settled up $0.06).
Market Fundamentals The lack of weather and demand has resulted in another bearish U.S. EIA storage report for this week. Although we’re back in the withdrawal range, the 82 billion cubic feet pulled for the week ending January 13th, 2023 has narrowed the deficit to only 19 Bcf than last year and 34 Bcf above the five-year average at 2,820 Bcf. Many analysts are reporting a 1.9 Tcf end of withdrawal season number in Mar23 and a 4.1 Tcf end of injection season number in Oct23. In other news, producers are buzzing around due to low prices. ~CL