As we open today’s front month at $2.808 US/MM on the NYMEX, it’s clear the bears are still out, as we see the lowest close of 2025, with the last time prices dipping this low in November 14, 2024. We continue to see dramatic dips in the NYMEX, most likely due to a multitude of factors. Firstly, although storage hasn’t met the record-breaking highs it saw last year, production is at near-record output and the ample surplus of natural gas supply continues to contribute to the price decline, and storage is still ~6% over the 5-year-average for this time of year. Furthermore, with tropical activity picking up, Tropical Storm Erin could reduce demand and gas prices as well. As of writing this update (halfway through the trading day), the NYMEX is at 2.826 as we saw some bullish then bearish activity, and we will see you tomorrow to see what it settled at. Stay tuned folks! (AA)