The January gas futures contract is currently trading at $3.68, $0.13 higher than it settled yesterday. The 12 month strip is trading at $3.86/MMBtu and this year's winter strip (Jan 12 - Mar 12) is trading at $3.70/MMBtu.

United States to Become Net Fuel Exporter

U.S. exports of gasoline, diesel, and other oil based fuels are growing rapidly putting the country on track to become a net exporter of petroleum products for the first time in 62 years.

Thus far this year, the U.S. sent over 753 million barrels of fuel overseas, while importing 689 million, a promising sign for the future of American energy.

Storage Levels begin Declining

Working gas in storage was 3,851 Bcf as of Friday, November 25, 2011, according to EIA estimates. This represents a net decline of 1 Bcf from the previous week, indicating the winter decline has begun.

Stocks are still 41 Bcf higher than last year at this time and 261 Bcf above the 5-year average of 3,590 Bcf., as this year reached new record storage levels.

Weather

Now that storage levels of natural gas have begun to decrease, the winter and cold weather is officially upon us. Temperatures are expected to dip below freezing in parts of the northeast tonight and many could expect to see some snow falling during their morning commute.