Taking its cue in part from Friday’s significant natural gas futures drop, most cash points averages on Monday followed suit, recording drops of a few pennies up to approximately 75 cents. The few gains were recorded out West, where a “very warm pattern” settled in over the weekend.
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Rockies Fall Under $1 Amid Overall Gains; CIG Dips as Low as 15 Cents
Rocky Mountains points tanked to averages of about a dollar or less Monday. ICE said a CIG deal was done on its electronic on-line system at 15 cents, which would tie NGI’s all-time record for lowest price; however, the lowest Rockies prices Monday that could be confirmed by the NGI price table were 30 cents at Cheyenne Hub and Questar.
Cash Prices Step 20-50 Cents Higher after 4 Days of Nymex Increases
Four straight days of increases on the Nymex set the stage for a significant cash market rebound Wednesday. Daily averages approached the $4.90s in New England and were largely back above $4 in the Rockies except for Northwest Pipeline and Questar. Kingsgate and Station 2 in British Columbia remained below $4.
Futures Trudge Higher Despite Growing Storage Surplus
Fighting off a slightly bearish storage report when compared to historical averages, the September natural gas futures contract resisted an early push lower to trade higher at midday Thursday. When it was all said and done, September futures — trading in its first day as the prompt month — gained 3.8 cents to close at $6.18.
Cold Keeps Cash Prices From Emulating Screen Dive
Despite severe erosion of Nymex futures prices for natural gas, crude oil, heating oil and Appalachian coal Monday morning, cash gas numbers refused to “follow the screen.” Cash quotes ranged from flat to a few cents higher or lower in most market areas. Rockies points were recovering from Friday’s plunge that had a few priced below a dollar for a while. Deals for CIG, Cheyenne Hub and Questar gas could still be found in the $0.90s Monday, but generally they were in the $1.00s, according to a couple of marketers.
Prices Mostly Flat But Mixed With Big Gains, Losses
The cash market was a mix of ups and downs as far as priceaverages went Thursday, but sources agreed that the overall trendwas downward as trading proceeded through the morning. Flat quotesdominated again at many points, while sizeable gains and losseswere scattered.
Resilient Cash Market Refuses to Fall
Except in the Northeast, cash price averages showed littlemovement yesterday as strong demand fought bearish weather to astandstill. Despite the lack of “real winter weather,” as onesource put it, the cash market’s recent resiliency had many tradersdisplaying quiet confidence about the market’s chances to maintainits bullish trend heading into the weekend.