March 14 2024 Market Update

The NYMEX futures contracts are up today with the Summer 25 strip trading $2.27 US/mm  &  Winter 24/25 is trading $3.44 US/mm.

Natural gas fundamentals are still bearish with demand down and storage inventories above the 5 year average so it is not a surprise that discussions about producers cutting CAPEX are appearing.  But remember that discussions alone will not bring about higher prices, the actual production has to fall off.  The recent EIA forecast is for a slight decline through the rest of the year.  We need to see that production really fall off for period of time for a sustained rise in prices. [WG]

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