Natural gas winter futures closed out 2022 lower as record warmth expected through mid-January, along with quickly recovering production in the wake of Winter Storm Elliott, pressured markets. The February Nymex gas futures contract slipped 8.4 cents to $4.475/MMBtu. March slid 1.3 cents to $4.104.

market

At A Glance:

  • Forecasts still too warm
  • Supply seen near normal soon
  • Waha spot prices at negative $10

Spot gas, which traded Friday for delivery New Year’s Day through Tuesday, generally continued to crumble. Permian Basin cash plunged to record lows of negative $10.000, but big gains out West ultimately lifted NGI’s Spot Gas National Avg. 4.5 cents to $4.760.

In the aftermath of Elliott’s devastating storm impacts, the gas market has largely shifted its attention to the...