January 29 – 24 Market Update

NYMEX Natural Gas Futures Contract  Winter 24 contract settled at $2.283 USD/M which is an decrease of $0.099 USD/M. Summer 24 settled at $2.446 USD/M which decrease by $0.061 USD/M from Friday.

Market Fundamentals: Canadian gas production volume rose on Thursday & Friday by 0.57 Bcf/d to 18.48 Bcf/d entering the weekend. Domestic exports to US settled at 5.77 Bcf/d since last Friday but flows have ramped out by 0.98 Bcf/d since that point to 18.48 Bcf/d this morning. In terms of weather, Western Canada temperatures warmed >28F compared to Friday in contrast to Eastern Canada where Ontario and Quebec guidance cooled by 9-10F. A commercial trader noted that the Financial counterparties are holding lots of long positions and are looking to drive up the prices but the prices as of now is $2.49 US/MM and will be lower in the coming months. (KJ)

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