Despite the official onset of winter, unseasonably warm temperatures have pervaded the country. Although the northern regions experienced a brief cold spell earlier this month, the forecast for January and February anticipates warmer temperatures than usual. Throughout this month, natural gas production has remained robust, averaging 105 billion cubic feet (Bcf) per day. This marks an increase of 0.90 Bcf per day from the previous month and a significant rise of 7.9 Bcf per day compared to last year’s figures. Moreover, natural gas storage levels continue to surpass those of the previous year and remain above the five-year average. Currently, storage levels stand at 3,577 Bcf as of the week ending December 15th, indicating a 7.2% surplus compared to last year and an 8.5% excess over the five-year average. These persistent factors—warmer-than-expected winter conditions, robust storage levels, and healthy natural gas production—continue to exert downward pressure on natural gas prices.

Swipe below to switch between pages.

Charts and graphs sourced from Constellation