NYMEX Natural Gas Futures Contract Natural gas fell hard today with the prompt month March 2023 NYMEX contract settling down US$0.216/MMBtu at $2.468. Bearish momentum extended throughout all months, with calendar ’23 down $0.13, calendar ’24 down, $0.127, and calendar ’25 down $0.11.
Market Fundamentals Warmer revisions in the 11-15 day mark continue to drive prices down as storage surpluses erase concerns over shortages. Even with the cold weather this weekend, traders are selling amidst the bearish market fundamentals. Tomorrow will mark another U.S. EIA storage report for the Lower-48 with the sentiment of a smaller than average withdrawal around 130 Bcf for the week ending January 27th, 2023. ~CL