NYMEX futures bounced up after several days of consistent decreases, understandable since some range-bound trading is to be expected when there is not much shift in the fundamentals. That being said, there is news of a slight cooler-revision of temperature forecasts in the US and Canada later in January. Again, temperatures right now are well above average for the next week or so, but seems like now they’ll cool down a bit more than was previously projected. The February 2026 front month contract settled up 17 cents, but the rest of the winter and summer months only gained about 7 cents.

Reuters’ expectation for tomorrow’s storage report is for a withdrawal of -114 Bcf from the lower 48’s underground reserves. Stay tuned.