Yet another day of NYMEX futures tanking… the forward curve settled down another 14 cents US/mm, essentially erasing yesterday’s gains. Last trade for February 2026 is $4 US/mm flat.

Mid-January usually marks a point where traders are no longer concerned about the winter and instead start looking ahead to the next year. By now we have a sense of how the winter’s playing out, and we can be confident that storage will be able to handle the brunt of the heating demand. As a result, anxieties ease and the market sells off, and the general sentiment at least for the forward market is that “winter is over”. Considering how the NYMEX has fallen lately, it’s fair to say we’re at or nearing that point this season.

Expectations for tomorrow’s storage report is for a withdrawal of -90 Bcf in the lower 48, not too heavy compared to the -227 Bcf one year ago and the 5-year average of -146 Bcf. Stay tuned.