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 about storage this season. Inventories are sitting at ~3.5% higher than the 5-year average.

Looks like Canadian temps will hover around normal over the weekend, then dive to well below normal next week. Even if we get a few big withdrawals out of the lower 48, the lighter pulls this season should keep prices in check.