Natural gas forwards rallied from coast to coast during the Aug. 11-17 trading period as mounting storage adequacy concerns overshadowed a mild late-summer forecast, according to NGI’s Forward Look data.

Fixed prices for September delivery at benchmark Henry Hub surged $1.042 during the period to $9.245/MMBtu, setting the pace for hefty markups across the Lower 48. 

Still, with the focus shifting away from summer cooling demand as the shoulder season approaches, double-digit regional basis discounts were the norm for the period.

Southeast basis premiums notably faded week/week, with Transco Zone 4 September basis finishing at plus-49.6 cents, a 25.0-cent swing lower week/week. Florida Gas Zone 3 basis tumbled 35.7 cents to plus-65.4 cents.

Higher Ceiling for Henry This...