The annual withdrawal season runs from the late fall through the early spring as heating demand peaks during winter. While the price tends to reach highs in winter, 2022/2023 was not an ordinary season as the price made lower highs and lower lows. The injection season, when natural gas flows into storage across the U.S., began over the past weeks with stockpiles at a high level.
Nearby May NYMEX natural gas futures were around the $2.30 per MMBtu level on April 17, one-quarter the price at the August 2022 high. My Q1 energy recap on Barchart highlighted the 50.48% decline in natural gas in Q1.
