Weekly Natural Gas Market Report | January 24th, 2025

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Storage drawn down substantially, and temps very cold next week – b u l l i s h

WEEKLY NYMEX FWD CURVE CHANGES – FEBRUARY IS OUR PROMPT MONTH

NYMEX

Prices came off hard early in the week, then turned around and rallied again with expectations of huge storage withdrawals to be reported today and next week. FEB25 lost 12￠ on the week, settling at 3.96, and is gaining ground now. The weather in Europe remains cold, driving prices at TCO Pool, while huge storage withdrawals are expected, driving prices at South Point. Both situations are pushing NYMEX prices higher as the fundamentals are back in charge.

STORAGE

Working gas decreased to 2,892 Bcf as of January 17th, with a bullish withdrawal of 223 bcf, or 35 bcf less than last week and decreasing the cushion to the five-year average by almost 2%. Storage is now only 21 Bcf above the 5-year average, shedding 56 bcf. This withdrawal is very bullish, and will certainly be followed by another even larger withdrawal reported next week for last week’s activity.

ONE WEEK CHANGE – NYMEX and OIL

WEATHER

Jan 23-28: Very cold still in place across the interior US through tomorrow w/lows of -10s to 20s, highs of -0s to 30s, and with lows of 10s to 30s across Texas and the South. A milder break this weekend w/highs into the 40s-60s, locally 70s Texas. Overall, there is very strong demand through Friday, then it will ease to high.

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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