Stout

Physical gas prices overall on average rose a nickel Tuesday, continuing Monday’s stout advance. However, while a scattering of Gulf Coast points managed gains, hefty losses were noted in the Midwest, Great Lakes and in more than a handful of Northeast locations. Options strategies seemed to be in play for the December contracts, and at the close December futures had risen 3.9 cents to $3.769 and January was higher by 2.4 cents to $3.892. January crude oil fell 56 cents to $87.18/bbl.

August natural gas bidweek prices saw stout gains across the board except for a handful of Marcellus Shale trading points as NGI’s National Spot Gas Average came in 28 cents higher than the previous month at $3.00/MMBtu, according to Natural Gas Intelligence (NGI), which has unveiled a number of new market pricing locations with its latest monthly price survey.

August natural gas bidweek prices saw stout gains across the board except for a handful of Marcellus Shale trading points as NGI’s National Spot Gas Average came in 28 cents higher than the previous month at $3.00/MMBtu, according to Natural Gas Intelligence (NGI), which has unveiled a number of new market pricing locations with its latest monthly price survey.

August natural gas bidweek prices saw stout gains across the board except for a handful of Marcellus Shale trading points as NGI’s National Spot Gas Average came in 28 cents higher than the previous month at $3.00/MMBtu, according to Natural Gas Intelligence (NGI), which has unveiled a number of new market pricing locations with its latest monthly price survey.

The cash market overall gained on average about 3 cents Wednesday with Northeast points reporting stout gains, and increases at Midwest locations not far behind. The approval of a major pipeline project anticipated to expand deliveries into New York City by 4Q2013 ripped through the basis market and differentials narrowed considerably. Futures advanced and by the close June had advanced 3.0 cents to $2.737 and July had gained 2.0 cents to $2.796. July crude oil plunged below $90 and settled at $89.90, down $1.95/bbl.

The cash market gained on average 13 cents Wednesday, aided by a strong futures market and stout gains posted at Western and Gulf points. Alleviation of restrictions prompted a 50 cent-plus jump at a key Marcellus point. At the close of futures trading June had added 11.8 cents to $2.618 and July had risen by 11.9 cents to $2.687. June crude oil continued its descent, losing $1.17 to $92.81/bbl.

Cash prices worked higher Thursday amid nuclear outages and supportive weather in a few regions of the country. Northeast points registered stout gains, and for the most part traders were able to complete their exchanges prior to the 10:30 a.m. EST Energy Information Administration (EIA) report that showed a withdrawal of 166 Bcf, somewhat lighter than expected.

January natural gas managed a tempered gain Tuesday on stout volume, but traders were not dissuaded that the current downtrend was over and looked for a test in the low $3s. At the close January had risen 2.5 cents to $3.279 and February had gained 2.7 cents to $3.321. January crude gained a hefty $2.37 to $100.14/bbl.

Prior-day futures strength, in which the July contract rose a stout 14.8 cents, was able to offset some forecast declines of cooling load in a couple of key market areas in keeping most points flat to slightly higher Wednesday.