March 6, 2024 Market Update

NYMEX Natural Gas Futures Contract  Summer 24 trading is upon us. Summer 23 settled at $2.38 USD/Mmbtu, down $0.03 on the day of active trading. Winter is down as well, trading at 3.45 USD/Mmbtu on the day.

Market Fundamentals: Summer and winter spreads are starting to narrow. It appears the market is trying to lift the summer 24 prices higher as we move into the season. Although with lack of long term weather, we could be range bound for a while. Some forecasts are calling for a late summer. Take care (RS)

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