As expected, the lower 48 states withdrew a mere -52 Bcf from storage over the past reporting week, bringing US gas inventories back to the 5-year average, and marking an end to a very heavy few weeks of withdrawals this winter. For reference, the average withdrawal for this period is about -168 Bcf. The soft demand as of late is allowing producers to play catch-up and ensure that the market is well supplied and hopefully avoid widow-making volatility this spring.

The March 2026 NYMEX Future contract has expired, with April becoming the new front month. According to Reuters, NYMEX futures hit a five-month low today, aided in part by warm temperatures and weak demand expected to linger until mid-March.