Bidweek

With the exception of a few constrained northeast points bidweek quotes had the trajectory of a safe falling from a ten story building. Declines were broad and pervasive across nearly every market point, and the NGI National Bidweek Average fell a stout 29 cents to $2.07.

Sustained widespread heat last week, particularly in the Pacific Northwest, has driven up the electric generation power burn for natural gas along the Pacific Coast from Seattle to San Diego.

Sustained widespread heat last week, particularly in the Pacific Northwest, has driven up the electric generation power burn for natural gas along the Pacific Coast from Seattle to San Diego.

May bidweek trading was something of a subdued affair, with most points falling anywhere from a nickel to a dime.

May bidweek trading was something of a subdued affair, with most points falling anywhere from a nickel to a dime.

Traders in the natural gas forward market eyeing May, June and the remainder of the summer strip don’t seem to be expecting much in the way of surprises. Some obvious considerations seem to be the degree to which reductions in industry capital expenditures will reduce production, the usual hurricane forecasts and the weather in general.

Traders in the natural gas forward market eyeing May, June and the remainder of the summer strip don’t seem to be expecting much in the way of surprises. Some obvious considerations seem to be the degree to which reductions in industry capital expenditures will reduce production, the usual hurricane forecasts and the weather in general.

The North America oilfield services market “eroded more than we thought” in 3Q2012, but the spending decline could turn in January, said the research team at Tudor, Pickering, Holt & Co. (TPH).

The cash market took a breather from bidweek activities and managed to trade less than a penny higher overall Wednesday. Weakness at Midwest points was made up by some strength in New England and eastern points as hot, humid weather was forecast for the next three days. At the close of futures trading September had eased 3.8 cents to $3.171 and October fell 4.1 cents to $3.171 as well. September crude oil added 85 cents to $88.91/bbl.