Heavy snow, blustery winds and the highest natural gas spot price ever recorded by NGI marked a day of extremes in Thursday’s market. Driven by cash prices north of $100/MMBtu in the Northeast, NGI’s National Spot Gas Average climbed into the double digits, adding $5.94 to average $16.78/MMBtu.
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Northeast Spikes Lead Hikes at Nearly All Points
Although the return of wintry weather to much of the Midwest, Northeast and Mid-Atlantic was not as severe as the blizzard-beset period in January and the first half of February, and was already due to start moderating as soon as Wednesday, it was enough to generate price gains almost across the board Tuesday.
Shifting Weather Causes Wide Price Move Variations
Blizzard conditions that were still continuing in some areas but starting to fade in others, along with fluctuations in pipeline activity to handle low linepack, made for a wild mix of both large and small price declines and increases in Thursday’s market. Increases modestly outnumbered the declines.
Northeast Cash Prices Continue to Plunge
While most points in the Northeast continued to decline following the recent blizzard-induced run-up, the rest of the country’s cash point averages mostly continued to see small upticks.
East Coast Blizzard Stokes Northeast Cash Points Higher
Many cash point averages in the Northeast saw increases of $1.50 to nearly $5 on Monday for Tuesday delivery as the region continued to dig out from Sunday’s blizzard, which exhibited winds in excess of 60 mph and dumped from a few inches to more than two feet of snow from the Carolinas up through New England.
Futures Continue Sideways Chop as Weather Remains King
While much of the East Coast was still digging out from Sunday’s blizzard, as evidenced by some cash point averages jumping several dollars for Tuesday delivery, natural gas futures traders on Monday were focusing on the future, which is why the January contract — a day ahead of expiration — dipped below $4 for the third time in two weeks before rallying to close at $4.112, up 2.9 cents from last Thursday’s finish.
EIA Announces Weather-Related Report Delays, Cancellation
With the federal government shuttered as Washington, DC, awaits its second blizzard in a matter of days, the Energy Information Administration (EIA) Tuesday said two natural gas reports will be delayed and one will be canceled this week.
EIA Announces Weather-Related Report Delays, Cancellation
With the federal government shuttered as Washington, DC, awaits its second blizzard in a matter of days, the Energy Information Administration (EIA) Tuesday said two natural gas reports will be delayed and one will be canceled this week.
WSI Sees Colder-Than-Normal Months Ahead
With portions of the Northeast still digging out from a weekend blizzard and another large winter storm looming over the Upper Midwest, Andover, MA-based WSI Corp. released a forecast on Monday — the first official day of winter — calling for temperatures across almost all of the country to average cooler than normal from January to March.
Prices Up Strongly Without Fundamental Support
It wasn’t in the forecasts or on the weather map, so where was that monster blizzard hiding? Doubtless many traders were scratching their heads over that question Tuesday as nearly all points recorded major gains despite the lack of severe cold or severe heat in almost every region.