Natural Gas (NG) February (G) contract study: year-by-year results, the day-by-day shape of the move and where highs and lows printed.
Contract Almanac · Natural Gas (Henry Hub)
Every February natural gas contract 2011–2026, measured over its tenure as the lead contract · Typically leads Dec 24 – Jan 23
The February contract is peak winter’s lottery ticket. It leads from just before Christmas to late January, the only tenure that lives entirely inside deep winter, and its file is a dead-even 8 and 8 whose entries read like weather reports: a +40% this year, a +36% in the bomb-cyclone winter of 2018, a −36% in the warm crash of 2023. The average best point of +16.8% against an average worst of −13.5% is the widest cone on the NG board.
Each year is one contract, measured from the open of the day it took over the lead to the close of the day it handed off, the same roll convention used across all Traders Brief research. Tenure lengths vary by a few trading days from year to year, so day counts differ slightly at the tail. All highs and lows are the contract’s own trades, marked by trading day of the tenure, not calendar day.