RE:NG NEWS$4.90??? How about $3.00?
https://www.naturalgasintel.com/eia-slashes-2023-henry-hub-forecast-as-supply-growth-seen-outpacing-demand/?v=DG_PopPosts
The “significantly warmer-than-normal” weather in January depressed space heating demand and padded storage inventories, EIA said in its latest Short-Term Energy Outlook (STEO), published Tuesday.
The latest STEO modeled an average Henry Hub spot price of $3.40/MMBtu for 2023, reflecting a steep 30% decline versus agency projections only a month ago. Prices should remain below the $4 mark until December, researchers said.
What’s more, recent futures trading implies that, if anything, EIA’s forecast might be too optimistic. The March Nymex contract was hovering near $2.50 as midday Tuesday, off nearly $1 versus EIA’s projected 2023 average.