Even more volatile NYMEX gas trading today. The February 2026 contract ultimately settled up a relatively modest 17 cents to $5.045 US/mm, but traded as high as $5.65 US/mm and as low as $4.90 US/mm. The rest of the winter and summer had more balanced trading, only settling up about 4 cents on average.

NOAA’s temperature forecasts are holding steady for the late January period, and starting to warm up some going into early February. Interestingly, the ECM Ensemble model forecasted that within the 11-15 day period, Canadian temperatures are also warming up by 10.9 degrees Fahrenheit. In the coming days we will compare when various models are predicting the cold spell to end. Remember though, that temperature models are having considerable difficulty forecasting cold in the 16-30 day period, so it may not be clear until a few days from now.