Markets Editor | Dulles, VA Jeremiah Shelor joined NGI in 2015 after covering business and politics for The Exponent Telegram in Clarksburg, WV. He holds a Master of Fine Arts in Literary Nonfiction from West Virginia University and a Bachelor of Arts in English from Virginia Tech.
After last week's drubbing, natural gas futures gained modestly on Monday to start the new week, helped by some frigid temperatures in the 11-15 day outlook. The spot market firmed as well, even as prices moderated somewhat in the Northeast, and the NGI National Spot Gas Average added 4 cents to $2.98/MMBtu.
The arrival of winter cold following a period of mild temperatures helped lift natural gas spot prices in some regions this week, but a sell-off in futures showed it wasn’t cold enough to send the bears into hibernation. The NGI Weekly Spot Gas Average gained 18 cents to $2.89. Read More
Natural gas futures traded in a holding pattern Friday, adding less than a penny to the prompt-month contract to cap off a rough week for the bulls. Outside of strong weather-driven gains along the East Coast, the spot market softened also, with prices in some regions barely registering a reaction to the arrival of cold weather. The NGI National Spot Gas Average gained 8 cents to $2.94/MMBtu.
U.S. natural gas drilling activity held flat for the week ended Friday as a net increase of two oil-directed units helped the domestic rig count to its fifth straight weekly increase, according to Baker Hughes Inc.
The United States added two more rigs to its tally for the week ended Friday, marking five weeks in a row of increases in domestic drilling activity, according to data released by Baker Hughes Inc.
January natural gas was set to open about 4 cents higher at around $2.80 Friday, with the market showing signs of bouncing back from the prior day's sell-off amid continued cold risks in the 11-15 day outlook.
Natural gas futures sold off sharply Thursday, with a rare December storage injection doing little to ease market concerns over volatility in the latest weather outlook. Outside of some strength in the Mid-Atlantic and New York, the bears controlled the spot market too, and the NGINational Spot Gas Average declined 12 cents to $2.86/MMBtu.
The Energy Information Administration reported a net injection into U.S. gas stocks for the week ended Dec. 1, a bearish miss on what was already a bearish consensus leading up to the report. Read More
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