• Natural gas futures retreat from early highs as market continues monitoring signs of production decline
  • Expiring March Nymex contract trading at $1.656 as of 2:28 p.m. ET, up 5.3 cents day/day but off from $1.730 high
  • Bloomberg estimates put domestic production at 102.5 Bcf/d for Monday; Wood Mackenzie’s estimate at 102.9 Bcf/d
  • Per Gelber & Associates: “Even if modest in magnitude, a continued move down in production would be quite bullish,” particularly with Chesapeake Energy Corp. guidance on 2024 cuts “fresh in the minds of many”
  • Recent production drop “does not appear to be caused by any planned maintenance and is atypical for the weekend,” according to Gelber
  • According to NatGasWeather, battle taking place between “bearish weather patterns and the hopes lighter U.S....