Bill Burson

Fueled by the coldest air yet this heating season and cajoled by supportive futures prices, cash prices in the Northeast continued their meteoric rise Wednesday, stair-stepping higher in dollar increments as traders scrambled for molecules amid heavy heating demand. Meanwhile, temperatures across the rest of the nation moderated, albeit slightly, from last week’s frigid cold, and prices eased accordingly. In futures trading, January tacked on an even dime to close Wednesday at $4.337 and February followed suit to settle at $4.331. January crude oil dropped $1.07 to $97.44/bbl.

January natural gas is expected to open 5 cents higher Tuesday morning at $4.28 as traders focus on the demand side of the equation and weather forecasts continue to call for bone-chilling cold. Overnight oil markets rose.

Physical natural gas for delivery Wednesday retreated around a dime on average with declines in the Midcontinent, Rockies and California more than offsetting gains at eastern points.

January natural gas is expected to open 7 cents higher Monday morning at $4.19 as traders turn their attention to forecasts calling for cold weather to impact Northeast and eastern markets. Overnight oil markets eased.

Physical natural gas for delivery Tuesday soared 66 cents on average in trading Monday as the Arctic chill continued. Blizzard-like weather maintained a stranglehold on key eastern and Midwest energy markets.

For the week ended Dec. 6 the NGI Weekly Spot Gas Average nationally rose 18 cents to $4.11. The strongest gains were posted in the Rocky Mountains and California with the Rockies adding a stout 75 cents to $4.58 and California quotes gaining 42 cents to $4.38.

Physical natural gas prices for weekend and Monday delivery on average vaulted another 62 cents in Friday’s trading. Gains were made at all but a couple of Marcellus points and were deep into double digits.

Physical natural gas prices for delivery Friday continued their rocket-like trajectory in Thursday’s trading, adding a stout 18 cents on average.

Physical natural gas for delivery Thursday gained 12 cents on average Wednesday as traders factored in massive cold front working its way from the Rocky Mountains to the Midwest and points south. At the close, January futures had eased 1.6 cents to $3.960 and February also had shed 1.6 cents to $3.958. January crude oil gained $1.16 to $97.20/bbl.