February 7, 2024 Market Update

[4:32 PM] Kourosh Jam

NYMEX Natural Gas Futures Contract  Winter 24, only the March contract now, settled at $1.970 USD/M which is an decrease of $0.032 USD/M.  Summer 24 settled at $2.303 USD/M which decreased by $0.015 USD/M from yesterday.

[4:13 PM] Kourosh Jam

A US based commercial trader predicted the price of NYMEX NG Futures for March 2024 established a floor price of 2.004 $US/MM and a ceiling price of 2.102 $US/MM. The expectation is that if the trading price drops below 2.004 $US/MM then there is a 50% chance that the price will continue to drop to a price of 1.955 $US/MM. Canadian natural gas production was stable as supply held at 18.6 Bcf/d. Canadian gas exports to the USA were also stable near 6 Bcf/d today. Switching over to the weather, In Eastern Canada temperatures it showed a warmer look with Ontario rising +4F. (KJ).

Scroll to Top