Natural gas had been on a one-way path lower from November 2019 through June 2020. The price of the continuous contract on NYMEX fell from $2.905 to the lowest level since 1995, at $1.432 per MMBtu. The high last November was a lower high than in late 2018, when natural gas rose to $4.929 on the back of low inventories going into the peak season winter months.
We are now at a time of the year when natural gas prepares for the winter season. In the lead-up to the 2019/2020 winter, the amount of natural gas in storage across the US rose to a high of 3.732 trillion cubic feet. The high level of stocks caused the energy commodity to remain below the $3 per MMBtu level seen last November. This year, we are heading into the coldest months with even more natural gas in storage.
The most direct route