NYMEX NatGas Price Hits Highest Close in Almost 2 Years @ $3.58

Just yesterday, we noted the recent run-up in the NYMEX futures price for natural gas (see NYMEX NatGas Price Rose 5% Last 2 Days – 4th Highest Price in 2024). The run-up continued with the NYMEX "front month" price closing at $3.5840, the highest closing price since Tuesday, Jan. 17, 2023---nearly two years! Hinds Howard, an analyst with CBRE Investment, said, "So, $3.50 natural gas, if it holds, would maybe encourage more development in the Haynesville and Marcellus, where rig activity has slowed in recent years on lower prices." Which is why we closely watch the NYMEX price. The price of $3.50 seems to be an important psychological barrier. If we can blow by that (and stay there), more drilling and less curtailments will happen.

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