March 22 2024 Market Update

Finally got some winter weather here in Ontario but that isn’t changing the bearish fundamentals. You might have seen a jump in price on the chart of the continuous contract, but that is not because of the snow outside but rather the front month has rolled from April to May. Happens this time every month.

More important is that NYMEX summer strip is trading $2.17 USD/mm and the winter strip is $3.34 USD/mm. These are recent lows and, by themselves, are not a change in trend. But also not surprising with the bearish fundamentals in the natural gas market.

If you are in Ontario, enjoy the snow. The NOAA forecast is for normal temperatures for the next 2 weeks. Have a great weekend. [WFG]

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