Natural Gas Market Updates

Another wild day to close out the week, and month. NYMEX March 2026 is currently trading at $4.17 US/mm, up 26 cents from yesterday’s settle, with the 12-month strip also being up by about 4% on average. Although Canadian temperatures should climb back to the 10-year normal over the weekend and remain there for a…

This morning, the EIA reported that for the week ending January 23, 2026 (shortly after this cold front materialized), the lower 48 states pulled -242 Bcf of gas out of storage. Inventories are still above the 5-year average, but now only by about 5%. Given the heavy heating demand, we can expect the next couple…

The gas market and its participants continue to weather winter storm Fern after another particularly volatile day for prices. On its last day of trading, the NYMEX February 2026 contract hit a low of $5.90, a high of $7.83, and ended up settling at $7.46, about 50 cents up since yesterday. That’s a huge range…

Dawn spot pricing is definitely now feeling the combined pressure from a few different factors, most notably the high heating demand and restrictions on interruptible storage withdrawals. Exports to the US are particularly high, and Union Gas withdrawals have been hitting multi-year highs. Amid these constraints, the variable Dawn Day-Ahead Index for today settled at…

While NYMEX natural gas rallied another whopping dollar and a half in the February 2026 contract (settling at $6.80 US/mm, with two days left of trading before the front month rolls), more curtailments and delivery interruptions are being called by utilities across Ontario and Quebec, causing some spot markets to soar in price. It’s not…

To everyone closely following gas markets, congratulations on simply getting through this week. In times like these, it’s important to remember that the fundamentals can shift, but the financials often move faster. At the beginning of winter, we mentioned that this winter’s temperature-prediction models are having a hard time catching cold in the mid to…

Even more volatile NYMEX gas trading today. The February 2026 contract ultimately settled up a relatively modest 17 cents to $5.045 US/mm, but traded as high as $5.65 US/mm and as low as $4.90 US/mm. The rest of the winter and summer had more balanced trading, only settling up about 4 cents on average. NOAA’s…

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…

Gains were to be expected after news of the polar vortex’s arrival in late January, but the actual magnitude was quite shocking. NYMEX natural gas rallied a whopping dollar in the front month this morning, up 26%, with even the summer months seeing significant gains. February settled at $3.907 US/mm, up 80 cents, March up…

NYMEX trading is considerably limited today since it’s a federal holiday in the USA (Martin Luther King Day). In our local market though, Dawn spot gas prices rose some over the weekend, but still remains quite cheap for January. Same story for AECO spot prices. Liquidity should pick back up tomorrow, where traders will likely…

Another quiet day to close out the week without change much to report. Temperatures are forecasted to dip below normal in the lower 48 states this weekend before bouncing back on Wednesday. For Ontario though, the weekend should be normal, but the subsequent cold weather will likely linger for a couple weeks. However, the market…

Quieter day for natural gas… NYMEX future prices this morning were down by about 2% over the next few months (but February 2026 being unchanged), but even after today’s storage report of a net withdrawal of -71 Bcf, prices remained unchanged. Expectations were for a heavier withdrawal (-90 Bcf), so traders must already be comfortable…