Since our last 2-year forecast release in September 2022, there has been a massive shift in sentiment in the US natural gas market. These changes first began in the autumn of 2022 and have continued into early 2023. Over the course of fewer than six months, what began as a somewhat bullish outlook on the natural gas market rapidly flipped to a robustly bearish perspective among gas market participants and traders. As a result, NYMEX Henry Hub natural gas futures peaked at $10.00/MMBtu during the late summer of 2022 before sliding to $7.00/MMBtu by mid-December. After that, the proverbial rug got pulled out from underneath NYMEX gas futures as prices collapsed to the $2.30s/MMBtu by February 2023.

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