The natural gas market did well in shrugging off warmer changes in the weather forecast since last week, but yet another day with a lowering of projected weather demand finally sent prompt month prices back under the 2.30 level, at least as of this writing.
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Daily warmer forecast adjustments have been a common theme recently, with last night's weather models making no exception to this "rule".
Last night's forecast demand profile from the GEFS and ECMWF EPS, compared to 24 hours prior:
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All of the warmer changes now have us projecting this December's total demand (GWDD count) to be very close to the warm December one year ago.
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With less than two weeks left in December, and the holidays looming, attention is now on January, and whether cold makes a triumphant return to give a boost to natural gas prices, or if warm continues to win out.
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