Today’s the day: NYMEX natural gas futures finally got clobbered! The April front month contract decreased 37 cents to settle at $4.08 US/mm. It’s the biggest single-day sell-off we’ve seen in a few months. The rest of 2025 is down as well, down 26 cents on average. Whether or not prices will remain at this low-$4 range is the question, or if anxiety or more news will cause the market to jump back up.

This dip has been overdue. The coldest days of the winter are behind us, production has ramped back up since late-February’s freeze-off interruptions, and at least at Dawn, there have been some injections into storage as of late. The forecast for the rest of March is expected to be near or above average for most of the US and Ontario.

However, remember that the March-April spread is known as “the widow-maker” for a reason. All it takes is one thing (a sudden cold snap, or maybe another political shake-up) to throw everyone expectations out of wack.