Weekly natural gas cash prices fell as mild temperatures and light heating demand paved a path for price corrections.
NGI’s Weekly Spot Gas National Avg. for the March 20-24 period dropped 40.0 cents to $2.320.
Prices declined four out of the past week’s five sessions. Weather favored bulls to start the week, with chilly conditions permeating much of the Lower 48. But the cold pushed out by midweek, replaced by mostly benign weather that drained demand. Production, meanwhile, held near 100 Bcf/d – close to record levels.
“Producers are still really active” in spite of low prices so far in 2023, Mike Matousek, head trader at U.S. Global Investors Inc., told NGI.
As the trading week closed, Chicago Citygate was down 34.0 cents to $2.110 and Algonquin Citygate near...