Volatility in the Northeast sent natural gas spot prices on a rollercoaster ride during an abbreviated holiday week, with prices spiking in the region Monday, plunging the next day and then soaring anew to close the trading period.

Storage Report

When the dust settled, weekly cash prices advanced along with Northeast gains. NGI’s Weekly Spot Gas National Avg. for the Nov. 22-24 period – shortened because of the Thanksgiving Day Holiday – rose 13.5 cents to $5.010. Gas traded during the period was scheduled to flow from Nov. 23-29.

Weather conditions were benign in most parts of the Lower 48 during the period, generating modest heating demand. But the pair of Northeast surges – one on Monday and the next two days later – powered the overall average higher.

Algonquin Citygate jumped...