April 1 2024 Market Update

NYMEX Natural Gas Futures Contract: The summer strip is trading $2.33 US/mm and winter 24/25 strip is $3.43 US/mm. 

Market Fundamentals: In Waha Hub which is located in West Texas, for the past 2 weeks we have seen natural gas prices below zero. Therefore, producers in Texas are paying to supply their gas. There isn’t a single factor which has caused this to happen, it has been a combination of things. This includes low demand and the pipeline system especially the El Paso Natural Gas (EPNG) system being on maintenance in the West of Texas and the Californian markets. 

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