Blowtorch weather seen persisting through at least mid-January trumped what could be one of the largest natural gas storage withdrawals of the winter season. On its first day at the front of the Nymex futures curve, the February contract settled at $4.559/MMBtu, off 12.6 cents from Wednesday’s close. March futures slipped 7.7 cents to $4.117.

eiastoragewe12232022

At A Glance:

  • Storage still plenty full
  • Mild January could improve trajectory
  • More losses for cash prices

Spot gas, which traded Thursday for gas delivery through Saturday, continued to move lower amid modest heating demand. NGI’s Spot Gas National Avg. tumbled $1.355 to $4.715.

With folks in Texas ditching the Uggs for shorts and t-shirts, unseasonably strong high pressure was set to expand across the southern and eastern United...