February 13, 2024 Market Update

NYMEX Natural Gas Futures Contract  Winter 24, only the March contract now, settled at $1.674 USD/M which is an decrease of $0.069 USD/M.  Summer 24 settled at $2.107 USD/M which decreased by $0.059 USD/M from yesterday.

A weekly natural gas report came out mentioning that on January 16 when the temperatures were well below average, it substantially increased demand of natural gas for residents which led to a record amount of gas withdrawal from underground storage. Canadian natural gas production has declined and will continue to drop to close out the weekend at around 13.34 Bcf/d. Domestic gas exports to the United States has stepped up today with a +0.86 Bcf/d increase lifting the volume to 6.15 Bcf/d. Switching over to the weather, Domestic temperatures are a lot warmer today but are forecasted to drop starting tomorrow. 

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