NYMEX Natural Gas Futures Contract Winter 24 contract settled at $2.479 USD/M which is an increase of $0.15 USD/M. Summer 24 settled at $2.596 USD/M which increased by $0.075 USD/M from yesterday.
Market Fundamentals: Canadian gas production was steady near 18 Bcf/d with the Monday nominations, while the gas exports to the United States declined 0.39 Bcf/d today to 6.15 Bcf/d. This is because there was no longer supply needed in the South. In terms of weather, domestic temperatures dropped >17F compared to our prior day outlook but at least there aren’t any steep cold shots on the horizon. Lastly, the demand will drop into a weaker pattern moving forward as temperatures are far warmer than we saw in the front half of January. (KJ)