With constrained markets along the West Coast the notable exception, natural gas forwards tumbled during the Dec. 22-28 trading period as winter upside price risks faded on forecasts showing a mild start to 2023.

Fixed prices for February delivery at Henry Hub shed 55.3 cents to end the period at $4.698/MMBtu, and numerous hubs throughout the eastern two-thirds of the Lower 48 posted week/week losses of around 50 cents or more, NGI Forward Look data show.

In the Midwest, February fixed prices at Chicago Citygate gave up 73.0 cents to end at $5.525, while in the Northeast, Transco Zone 6 NY fell 55.3 cents to $12.678.

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Meanwhile, elevated prices...