Natural gas futures floundered Tuesday, opening regular 2023 trading much like they closed out last year – falling on expectations for mild January temperatures and light heating demand.

NGI Storage Estimate

At A Glance:

  • EIA reports 90 Bcf injection
  • Forecast mostly mild for October
  • East Coast cash tanks

The February Nymex gas futures contract on Tuesday settled at $3.988/MMBtu, down 48.7 cents day/day. March shed 46.3 cents to $3.641. The prompt month had slipped 8.4 cents on Friday to finish 2022.

NGI’s Spot Gas National Avg., in contrast, jumped $1.545 to $6.305, led higher by hubs in the West amid flooding rains in California and punishing snow storms in the Rocky Mountains and northern Plains.

After bouts of winter weather this week, however, much of the Lower 48 is expected to see...