The EIA reported today that for the week ending January 2, 2026, the lower 48 states pulled about -119 Bcf of gas out of underground storage reserves, only a few Bcf more than expected, and still in line with the 5-year average. The market relaxed in reaction, dropping another 11 cents in the February 2026 NYMEX front month contract, settling at $3.40 US/mm. Dawn storage however is sitting at 67% capacity, 13% less than the 5-year average as of January 1st.

In other news though, late January temperature forecasts adjusted quite a bit cooler in the Northeastern US, particularly in Ontario and Quebec too, so it’s not unlikely that the market will catch up to this shift in due time.