On January 24th the prompt (Feb20) NYMEX natural gas futures contract settled at $1.893/MMBtu which was the lowest January closing price for the near-month contract since January 1999 and also the lowest near-month settle since March 2016. After the second warmest January since 2000, working gas in underground storage surged to a 199 Bcf surplus above the five-year average (as of January 31st) and will likely finish above 2 Tcf by the end of the heating season (April 1st). Adding to the downward pressure, dry gas production averaged 95 Bcf/d in January 2020 which was the third-highest monthly average on record. Since November 1st, dry gas production has averaged slightly above 95.5 Bcf/d which is almost 7 Bcf/d above last year (which was also a new record at the time). Follow the link below to read more.