Happy 2024! In January, natural gas storage levels remained higher than previous years and the five year average. Natural gas storage levels were 2,856 billion cubic feet (Bcf) which is 4% above last year’s and 5.2% above the 5-year average. Production levels still remain robust which may continue to put downward pressure on natural gas prices. In regards to liquefied natural gas the Biden Administration has recently initiated a pause on future pending permits to export LNG to non-Free Trade Agreement countries until the Department of Energy completes a climate review. This pause will not hinder current LNG export levels and will not stop the construction of in-progress LNG export facilities but will definitely delay the rolling out of new facilities. In regards to weather, some parts of the country have already experienced the below average temperatures for this winter and now return to the continued warmer than expected narrative. On the other hand, the two week forecast still calls for limited below average winter temperatures in the western half of the US. These components continue to be top drivers of natural gas prices. 

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