After a major producer announced cuts to 2024 output, providing a dose of bullish momentum for a market deprived of upside catalysts, natural gas futures continued to rally in early trading Wednesday.

NGI Morning Natural Gas Price & Markets Coverage

The March Nymex contract was up 15.0 cents to $1.726/MMBtu at around 8:45 a.m. ET. April was up 16.4 cents to $1.810.

Prices quickly jumped higher Tuesday afternoon after Chesapeake Energy Corp. released its 4Q2023 results, which included updated production guidance indicating significant year/year cuts for 2024.

Management is now guiding for 2,650-2,750 MMcf/d of production for 2024, versus 3,470 MMcf/d produced in 2023, according to the 4Q2023 earnings presentation.

Chesapeake, currently operating nine rigs and four fracture crews across the Haynesville and Marcellus...