As of 1pm EST, NYMEX gas futures have rallied by about 5.2%, a three-week high, most concentrated in April and May 2026 but there are still considerable gains next summer and winter too. The move comes as some cold is on the way in Mid-March, particularly in Western Canada according to the ECM Ensemble, but NOAA’s temperature outlook paints a similar picture. WTI Crude gained another $10/barrel.

Note that in reaction to the Iran conflict, the NYMEX rally is quite small in comparison to other parts of the world, indicating that the US market is still fairly balanced. While there is an incentive to sell more LNG at today’s extremely high prices (the increased demand being a bullish factor), the US is already exporting all the LNG it can, and there is not much more room for flows to increase. According to Reuters, feed gas flows averaged a record high 18.7 bcf/d in February, and are 18.1 bcf/d so far in March.