Welcome 2026! Another steady day in the market as traders begin returning to the office. NYMEX is down another -2% over the next 12 months, last trade price at $3.62 US/mm. Weather expectations continue to vary, but for now the short-term 6-10 day is looking to be warmer-than-normal in most of the US, especially the eastern portion, reaching up into Ontario too. After that though, temps will cool back down to near-normal.

Released December 31st, the EIA’s storage report showed a net withdrawal of -38 Bcf for the week ending December 26, 2025. This relatively light withdrawal is in line with today’s bearish activity. Inventories are slightly lighter than they were a year ago, but is also 58 Bcf heavier than the 5-year-average. Production remains strong, and the incoming warmth should help soften prices after a volatile December.

Have a great weekend!