Another day of huge gains for NYMEX future pricing, again concentrated in the February 2026 front month contract. February settled up another 97 cents to $4.875 US/mm, and the following 11 months gaining about 18 cents on average. More volatility than yesterday though, the delta off the high averaging -$0.11 cents over the next 12 months but only being -$0.03 in February speaks to traders’ confidence in February’s rally today, but not so much for later months. Note that the last day of trading for the February 2026 future contract is January 28, 2026, which gives the market a week to decide if this price holds or not. Given how much of this NYMEX move has been short-covering (almost like a chain reaction, the higher the price, the more short positions must have needed to be bought back), and financial speculation in reaction to ever-changing news coming out of the White House, we would not be surprised if this market corrected itself in due time.