February 26, 2024 Market Update

NYMEX Natural Gas Futures Contract  Winter 24, only the March contract now, settled at $1.623 USD/M which is an increase of $0.020 USD/M. Summer 24 settled at $2.236 USD/M which increased by $0.20 USD/M from last Friday.

Market Fundamentals: Based on an external report, Henry Hub futures have dropped in price this week to a level as low as 1990s when the demand for natural gas was not as substantial as it is now. Since the 2000s, price is only up 20% and we are expecting for the next 26 years for a slow rise in pricing. In 2022, there was a spike in Henry Hub for gas prices but with this being a mild winter, the demand for gas has decreased which has lead volumes of natural gas in storage to be very high and we will continue to have a lot of price volatility unless gas storage capacity increases. (KJ).

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