NYMEX NatGas Futures Continue Skyward – Closes Above $5/MMBtu

As we predicted may happen in a post yesterday, the NYMEX "front month" natural gas futures price closed above $5 yesterday (see NYMEX NatGas Futures Rocketship: Up 57% in 2 Days, Break $5 Today?). U.S. natural gas futures hit a three-year intraday peak, settling 3.5% higher at $5.045/mmBtu after a record-shattering three-day rally. While last week’s storage draw was modest (90 Bcf expected, 120 Bcf actual), traders are far more focused on the looming "polar express" set to grip the nation. Analysts expect the coldest weather since 2018 to trigger massive withdrawals—potentially topping 300 Bcf—leaving inventories at a significant deficit relative to historical averages. Essentially, the market is shivering in anticipation, prioritizing an imminent supply squeeze over current data as the country braces for a deep, sustained freeze.

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