US benchmark gas prices during bidweek trading late last month and on into January have been bouncing in a $5.50-$6 per million Btu range, driven by cold weather on the upside and growing LNG deliveries from Qatar and elsewhere on the downside. During the last week of 2009, January gas futures hit a high of $6.035/MMBtu, on Jan. 28. History suggests that could well be the highest price the market sees for some time, as a December high has only been exceeded during January three times in the 19 years gas has been traded on Nymex - in 1994, 2003 and 2008.
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