Natural gas is a seasonal commodity that tends to reach highs during winter and lows during spring. The injection season, when inventories rise, runs from late March or early April through November. In November, increasing heating demand causes stockpiles to decline. Withdrawals from stockpiles run through March.
Since August 2022, the continuous contract NYMEX natural gas futures prices have traded from the highest level since 2008 at $10.028 to a $1.481 per MMBtu low. As the market prepares for the 2024/2025 winter and withdrawal season in November, natural gas futures are closer to the lows at under $3 per MMBtu.
