Natural gas forward prices retreated sharply during the Dec. 3–10 trading period as a rapid reversal in winter weather forecasts pushed late December temperatures back toward normal following the month’s chilly start.

Chart illustrating NGI’s Waha seasonal forward basis curves for Prompt Month, Winter 2025/2026, Summer 2026, and Winter 2026/2027 from July through December 2025, highlighting persistent negative basis values, deeper discounts in early fall, and seasonal spread differences across forward periods.

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At A Glance:

January fixed prices ease lowerNortheast basis bucks broader slideWaha discounts deepen amid outage