Insights & Commentary

A colder turn in the late December outlook, paired with nervous positioning ahead of January expiration, is driving a violent snapback in the front of the curve. January's contract is up a whopping 47 cents day over day, a 12% surge, trading near $4.43/MMBtu after yesterday’s $3.96/MMBtu close. That is the kind of move that instantly changes the mood on the screen, gaining nearly half a dollar in one session, and typically only shows up when the market is leaning the wrong way. After days of steady selling, traders were prepared for additional downside.

The January NYMEX contract is trading near $4.22/MMBtu after a soft storage day, sliding from yesterday’s $4.60 close. Prices were hovering around $4.39 ahead of the EIA release, dropped to roughly $4.30 on the print, and have continued to drift lower as the market gives back more of last week’s weather-led spike.

Analysts see a very wide 135–195 Bcf range for this week’s EIA report with Gelber & Associates landing at a 165 Bcf withdrawal for the week ended December 5.

January NYMEX is trading near $4.93/MMBtu this morning, down a fair margin from Friday’s $5.23 close as futures give back part of their hefty weather-driven gains.

Big moves today in the gas markets as January NYMEX is trading near $5.45/MMBtu this morning, surging from yesterday’s $5.06 close and marking the highest prompt-month print since 2022.

The January NYMEX is trading near $4.95/MMBtu after a choppy storage day. The contract pushed above $5.00 early this morning, then slid toward $4.89 on the EIA print before stabilizing and drifting back to the $4.95 handle, all after yesterday’s $4.99 close.