The overall weather outlook remains mild to cool, but overnight lows in the 30s and 40s in parts of the Northeast, Rockies and Canada may have been enough to pull the cash market out of its recent slide Tuesday. Certainly the futures drop of 4.9 cents a day earlier didn’t contribute anything to the cause.
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Canadian Natural Gas Exports Enjoying a Thaw
Canadian exports have rebounded from lows touched on depressed international natural gas markets during the last heating season, according to the latest trade scorecard of the National Energy Board (NEB).
Canadian Natural Gas Exports Enjoying a Thaw
Canadian exports have rebounded from lows touched on depressed international natural gas markets during the last heating season, according to the latest trade scorecard of the National Energy Board (NEB).
Price Advance Continues, But at Slower Pace
Southern lows predicted to drop to the 50 area east of the Mississippi River were contributing a small amount of heating load to the much bigger demand in Canada and from the U.S. Northeast through the Midwest into the Upper Plains. The entire cash market continued to move higher Thursday except for a flat Agua Dulce, but significantly smaller increases than the day before signaled that the week’s bullishness might be running out of steam.
Market Sustains Rally as Cold Forecasts Spread
Wednesday forecasts of freezing or subfreezing lows stretching from the Northeast through the Upper Midwest and Plains into the Rockies and Western Canada, accompanied by snow in several areas, extended the cash price rally that had begun last Friday into its third trading day Tuesday.
Near-Flat Quotes Return to Most of Market
Although residents of the Upper Plains, Midwest, Northeast and most of Canada can expect subfreezing lows Wednesday, only a few delivery points in the Northeast showed any signs of significant heating load in their pricing Tuesday. Otherwise, following a day of gains at a large majority of locations the market was exhibiting some signs of weakness Tuesday as small upticks moderately dominated a near-flat mix of quotes.
Northeast Dives at Odds With General Firmness
Subfreezing lows will be left in the wake of an icy coastal storm moving out to sea, but Northeast residents will no doubt welcome the chance to finish cleaning up in relatively dry conditions after the devastating blizzards in the middle of last week. Thus Northeast citygates took nearly all of Tuesday’s price hits ranging from about 40 cents to the $1.50 area (the Florida citygate chipped in with a loss of about a nickel).
Frigid East Forecasts Still Allow Softer Prices
Friday lows in the teens and 20s stretching from the Rockies and Western Canada through the Midcontinent/Midwest into the Mid-Atlantic, Northeast and Eastern Canada were insufficient to prevent spot prices from continuing to fall at nearly all points Thursday, although the declines were smaller than those of the day before in most cases.
Cold Holiday Outlooks Unable to Rally Cash
It would seem that a day with forecast lows in single digits and the teens in many parts of Western Canada and the northern half of the U.S., accompanied by mercury levels due to bottom out around freezing in northerly reaches of the South, should be sufficient to cause rising spot gas prices. But it wasn’t so Wednesday.
Cash Points Decline Except for in Heat-Ravaged West
Feeding off of Friday’s new lows for the down-leg in natural gas futures, a vast majority of cash market averages followed suit on Monday with most points declining from a few pennies to nearly a dime. Out West the tune was a little different as most points gained at least a nickel as the region faced some of the warmest temperatures it has seen all summer.