Weekly Natural Gas Market Report | February 6th, 2025

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Storage drawn down again, and temps falling next week – slightly b u l l i s h

WEEKLY NYMEX FWD CURVE CHANGES – FEBRUARY IS OUR PROMPT MONTH

NYMEX

Prices were soft during the warm spell until analysts decided the storage drawdowns were going to make for a busy early injection season. While prices have come off substantially from last week’s highs, traders have turned this around and are predicting strong demand for next week. MAR25, our new Prompt Month, gained 15￠ on the week and settled at 3.37, gaining ground now. Warmer-than-normal weather across much of the nation is coming to an end, and next week’s temps will put upward pressure on prices.

STORAGE

Working gas decreased to 2,571 Bcf as of January 24th, with a bullish withdrawal of 321 bcf, or 98 bcf more than last week and putting the cushion to the five-year average in negative territory. Storage is now 111 Bcf below the 5-year average, shedding 130 bcf. This withdrawal may be bullish, yet analysts believe there is adequate supplies for February and March.

ONE WEEK CHANGE – NYMEX and OIL

WEATHER

Feb 6-12: The northern third of the US will be cold w/snow and highs of -0s to 30s. The southern two-thirds of the US will be mild w/highs of 50s-80s, including highs of 70s-80s across Texas, then colder early to mid-next week. Overall, light national demand will increase through the weekend and then increase to high next week.

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Ohio Certificates- Natural Gas: 14-343G(3) Electric: 14-780E(3)

Pennsylvania Certificates- Natural Gas: A-2016-2562535 Electric: A-2009-2108640