Natural gas prices have remained under pressure in recent months despite heightened geopolitical tensions in the Middle East. After a sharp rally at the end of January, driven by colder weather and concerns over supply tightness, prices have steadily retreated. NYMEX natural gas is currently hovering near $2.68 per MMBtu, while MCX natural gas prices have fallen below ₹260 per MMBtu. The weakness is notable because energy markets are closely watching the ongoing tensions between the United States and Iran, a situation that would normally support commodity prices. However, unlike crude oil, natural gas is currently being driven more by supply-demand fundamentals than geopolitical developments.
