20 January 2023 | Other

U.S. gas fell to minimal level since June 2021

The consumption of gas in the U.S. exceeded expectations. Nevertheless, this is not enough to increase prices from a 19-month low.

On Thursday, the cost of February’s gas contracts on the New York Mercantile Exchange fell by 1%. Now it is $3.275 per mmBtu. This is the lowest closing price since June 22, 2021. 

A decrease occurred despite the Energy Information Administration (EIA) informing that the U.S. utilities used 82 bfc of fuel from the gas storages last week. That exceeded the expectations of analysts, which had forecasted 71 bfc.

According to a partner of Again Capital John Kilduff, now, the normal winter cold is returning, and traders can't control it.

The nearest meteorological forecasts are ambiguous. The basic models, including European ECMWF and American Global Forecast System (GFS), show cold weather in late January.

However, GFS downplays the strength of the fall in temperature. It expects an arctic air mass of fairly average temperature rather than the freezing cold, which was everywhere in December, including south Texas.

Company MarketCheese
Period: 08.07.2025 Expectation: 1500 pips
EURUSD rally faces potential correction toward 1.165
Today at 06:46 AM 19
Period: 09.07.2025 Expectation: 1400 pips
USDCAD declines amid US dollar weakness and improving Canadian trade prospects
Today at 06:07 AM 11
Period: 08.07.2025 Expectation: 3000 pips
Buying Bitcoin during consolidation before July growth wave with 110,000 target
Yesterday at 11:09 AM 43
Period: 07.07.2025 Expectation: 2000 pips
Renewed tensions between Musk and Trump weigh on Tesla shares
Yesterday at 08:33 AM 40
Period: 07.07.2025 Expectation: 1900 pips
SPX may retreat to 5,980 following all-time high
30 June 2025 48
Gold sell
Period: 04.07.2025 Expectation: 5000 pips
Gold's six-month uptrend is under threat as prices test 3250 level
30 June 2025 129
Go to forecasts