Natural gas futures traded above $2.60/MMBtu in the third week of December, holding higher than a near 2-month low of $2.40/MMBtu reported earlier in the month. Despite the weather models being far from bullish, the projected variability in the outlook for the balance of December had supported the gas market. Meantime, recent projections from the Energy Information Administration showed the downtrend in natural gas production from seven major US producing regions that has persisted for much of 2020 will extend into 2021. Natural gas is down more than 20% since hitting a 22-month high of $3.354/MMBtu on October 30th, as temperatures across most of the US have been above average since November.
Historically, Natural gas reached an all time high of 15.78 in December of 2005. Natural gas - data, forecasts, historical chart - was last updated on December of 2020.
Natural gas is expected to trade at 2.56 USD/MMBtu by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2.15 in 12 months time.