Week

February natural gas is expected to open 4 cents lower Friday morning at $3.76 as traders moderate their expectations of further weather-driven price gains. Overnight oil markets weakened.

Double-digit swings marked the final days of trading in 2016 for natural gas forwards and futures markets as the second 200+ draw from storage and forecasts of widespread cold to blanket much of the U.S. beginning late in the coming week ultimately sent February prices up an average of 28.5 cents between Dec. 23 and 29, according to NGI Forward Look.

February natural gas is expected to open 6 cents lower Thursday morning at $3.84 even though weather forecasters call for a second round of cold in about two weeks. Overnight oil markets were mixed.

January natural gas is set to open 10 cents higher Tuesday morning at $3.76 as traders brace for another onslaught of inventory-pulling cold expected to traverse deep into the Midwest. Overnight oil markets rose.

Natural gas forwards markets abided by the old adage “what goes up must come down” as January prices plunged an average 44 cents between Dec. 9 and 15 on forecasts for milder weather to close out December, effectively putting prompt-month prices back to where they were at the start of the month, according to NGI’s Forward Look.

Natural gas forwards markets abided by the old adage “what goes up must come down” as January prices plunged an average 44 cents between Dec. 9 and 15 on forecasts for milder weather to close out December, effectively putting prompt-month prices back to where they were at the start of the month, according to NGI’s Forward Look.

Mother Nature threw natural gas markets a bone this week when the mere mention of chilly weather sent December forwards prices up an average 5.5 cents between Nov. 11 and 17, NGI’s Forward Look data shows.

November natural gas is set to open 3 cents lower at $2.96 Monday morning as forecasts call for offsetting cooling and heating loads. Overnight oil markets slumped.

Land drilling got a healthy boost during the week ending Friday (Oct. 14) as 13 land-based rigs were added to the U.S. roster, according to Baker Hughes Inc. (BHI). Louisiana led the states in gains, adding six, while Texas saw the departure of three rigs.