NYMEX Natural Gas Futures Contract Winter 24 contract settled at $2.799 USD/M which is an decrease of $0.1515 USD/M. Summer 24 settled at $2.777 USD/M which decreased by $0.089 USD/M from yesterday.
Market Fundamentals: The gas production in Appalachian has been trending lower since mid-December, with production fading 1.35 Bcf/d since December 16. This has brought down the volumes to 34.88 Bcf/d as of today and it is forecasted to decline even more with next week’s freeze offs. The market has also fluctuated a lot these past couple of days as today’s decrease in prices has erased a significant portion of Tuesdays gains which has now brought the market closer to early January 24 prices. An Analyst has also mentioned that this market range is bound to be between $2.90 and $2.54 for February 24 contracts. (Kj)