The potential for widespread frigid temperatures to start February failed to resuscitate natural gas prices for February baseload delivery, with ample production, plentiful storage and languishing exports weighing down markets, according to NGI’s Bidweek Alert (BWA).

Algonquin Bidweek

On the East Coast – where a well-documented history of volatility has taken a back seat to the West Coast this winter – physical basis prices at the Algonquin Citygate averaged $8.800/MMBtu on day 1 of the February bidweek trading period that began Wednesday. This compares with basis prices that ranged from $16.00-$19.00 for January baseload.

Transco Zone 6 non-NY basis averaged around $2.470 for February delivery, down from $6.75-$8.00 last month, BWA data showed.

Upstream in Appalachia, the potential for...