The loss of heating degree days in recent revisions to December weather forecasts kept the outlook too warm to spark a meaningful response from market bulls, and natural gas futures continued to retreat.

NGI line chart shows Transco-Leidy Line midday alert natural gas prices from December 2024 through December 2025, with prices in dollars per MMBtu highlighting winter price spikes early in 2025, summer weakness, and a renewed rally into late 2025.

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Here’s the latest:

January Nymex futures slide 8.7 cents to $4.026/MMBtu as of 2:30 p.m. ET