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Fleeting Cold Weather Punch Leaves Natural Gas Futures on the Ropes

Natural Gas Intelligence · last updated

There were further losses in natural gas futures on Friday as market participants appeared to be giving up on winter before what is considered its official start with the solstice on Dec. 21.

Chart showing NGI’s Appalachia regional key forward basis curves for Columbia Gas, Dominion South, Millennium East Pool, Tennessee Zone 4 Marcellus, TETCO M2 30 Receipt and Transco Leidy Line from December 2025 through January 2028, with basis values mostly negative and deepest discounts appearing in fall 2026 and fall 2027.

At A Glance:

  • Futures sink, cash varies
  • Cold now, warmer by Christmas
  • Production tempers demand support