With Halloween in the rearview and sweater weather in full swing, the holiday season is top of mind for many. But for energy observers, this time of year also marks natural gas withdrawal season. After a stellar 2022, natural gas prices in the U.S. have been softer in 2023 after a warm winter sent prices tumbling. Today’s note discusses the outlook for natural gas prices and production growth, with incremental volumes creating opportunities for midstream MLPs and corporations. Winter weather can be a significant wildcard for natural gas prices, with cooler temperatures more supportive for heating demand.