Weekly Natural Gas Market Report | March 6th, 2025

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An expected modest withdrawal and temps warming next week – b e a r i s h

WEEKLY NYMEX FWD CURVE CHANGES – APRIL IS OUR PROMPT MONTH

NYMEX

Traders bought large this week, seemingly ignoring weather fundamentals and speculating on tariff effects. This sent futures rocketing up to levels not seen in two years. Despite warmer-than-normal temps this week and forecast for next, the technicals are bullish. Yet this could turn around with higher-than-expected temperatures next week. APR25 gained a whopping 43￠ on the week and settled at $4.45, then lost ground in electronic trading and since the open and after the storage report. April is now at 4.33.

Bearish!

STORAGE

Working gas decreased to 1,760 Bcf as of February 28th, with a withdrawal of only 80 bcf, or 181 bcf less than last week’s very bullish report. Storage is 224 Bcf below the 5-year average, gaining 14 bcf – this is somewhat bearish for the week, yet bullish from a seasonal perspective when focused on injections next month.

ONE WEEK CHANGE – NYMEX and OIL

WEATHER

March 6-11: Active and strong systems are tracking across the US w/rain, snow, and highs of 20s-50s, lows of 10s-30s. However, there will also be milder breaks between systems w/highs of 50s-80s over the southern and eastern US. Overall, Moderate demand Thursday-Sunday, then warming to Low demand.

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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