The Energy Buyer's Guide | 12.01.2025
Natural gas extends its rally ahead of extended period of cold.
- Natural gas futures rallied again last week, with January 2026 leading sharp gains on Friday to offset early-week losses.
- Storage declined 11 Bcf, widening the year-ago deficit and expanding the surplus versus the five-year average. Inventories stand at 3,935 Bcf heading into a period of strengthening withdrawals.
- Fundamentals loosened slightly as supply growth outpaced a modest rise in domestic demand.
- Weather models continue to confirm a sustained colder-than-normal pattern across the Upper Midwest and East, with several notably cold days expected this week and below-normal temperatures projected to persist through mid-month.
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