A wave of bullish optimism, tied to the production cuts announced recently by Chesapeake Energy Corp., also lifted regional natural gas forwards higher during the Feb. 15-21 trading period, NGI’s Forward Look data show.

For numerous Lower 48 trading locations, the most pronounced week/week fixed price gains occurred further along the strip during the 2024 injection season. 

Chesapeake in its 4Q2024 earnings results signaled its intent to curtail activity in both the Haynesville and Marcellus shales in 2024. The latest Forward Look price trends imply a shift in the market’s thinking around balances through the remainder of the year tied to the producer’s announcement.

Benchmark Henry Hub saw the largest fixed price gains for June through October of this year. July 2024...