Bidweek

A mild start to the summer, combined with demand that continues to struggle amid the coronavirus pandemic, weighed down June natural gas bidweek prices. Although pockets of heat boosted prices in California, small losses were seen in most markets across the Lower 48, sending NGI’s June Bidweek National Avg. down 8.5 cents to $1.545/MMBtu.

Buoyed by an easing of stay-at-home and shutdown mandates amid the ongoing fight against the coronavirus pandemic, May bidweek prices across the Lower 48 emerged from a month of unprecedented demand loss with quarter-plus gains at the majority of pricing hubs.

Against a backdrop of profound macro uncertainty, natural gas bidweek traders negotiated heavy discounts for April, bunkering down for a potentially tough month ahead.

With March forecasts pointing to another possible record warm month, and natural gas storage inventories heading toward a robust 1.9 Tcf for the end of winter, natural gas March bidweek prices plunged further below the $2/MMBtu threshold. NGI’s March Bidweek National Avg. dropped 28 cents from February bidweek to $1.530*, which is also a $1.415 discount to the March 2019 Bidweek average.

Over the weekend, the celebrated groundhog Punxsutawney Phil foreshadowed an early spring, but natural gas traders have spent the past month wondering when winter will start, much less when it will end.

Over the weekend, the celebrated groundhog Punxsutawney Phil foreshadowed an early spring, but natural gas traders have spent the past month wondering when winter will start, much less when it will end.

Over the weekend, the celebrated groundhog Punxsutawney Phil foreshadowed an early spring, but natural gas traders have spent the past month wondering when winter will start, much less when it will end.

With January projected to be one of the Top-10 warmest on record, the double-digit decreases inbidweekprices reflect just how much things can change in a year.NGI’sJanuaryBidweekNational Avg.dropped 26.0 cents to $2.565.

Natural gas bidweek traders could be forgiven for feeling some buyer’s remorse on Cyber Monday, as just days after they locked in deals for December delivery, milder forecasts over the Thanksgiving holiday lent a decidedly more bearish outlook to winter pricing. NGI’s December Bidweek National Avg. finished at $2.825/MMBtu.