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Henry Hub February futures fell from $3.99 to $3.42/mmBtu in a week, and March contracts closed below $2.85. Bearish heating demand revisions for the first two weeks of January were projected to add roughly 300 Bcf to storage.
The analysis projects end-of-season storage near 1.85 Tcf under normal weather.
Heavier storage builds and lower heating demand expectations push forward curves lower, and a bearish February outlook could push end-of-season storage above 2 Tcf. That keeps downside pressure on prices.
hfir.comHFI Research2026. 1. 7.과거 하락 날씨 이벤트 104건 이후, 천연가스은 5거래일 동안 중앙값 -7.8% 변동(상승 22%; 중간 50% 범위 -14.8%~-0.8%), 20거래일 동안 -3.3%.
각 품목 벤치마크의 이벤트 직전 종가 대비 변동. 과거 수치는 같은 유형의 과거 이벤트를 합산한 것으로, 일어난 일을 설명할 뿐 앞으로 일어날 일이 아닙니다. 투자 자문이 아닙니다.
Analysis of bearish demand revisions adding about 300 Bcf to storage explains the market pricing in a mild winter, though it is dated slightly after the window.
