Markets

Natural gas for delivery Thursday was unchanged on average in Wednesday’s trading, but if the transportation-challenged points in New England were taken out of the equation, the overall cash market posted a gain of a nickel as most points nationally trended higher.

Physical gas for delivery Wednesday took a cue from the screen and on average was 4 cents lower in Tuesday’s trading.

Physical natural gas for Tuesday delivery bounded higher nationally by an average of 21 cents Monday led by dollar-plus gains at some New England points. Even without those points the market soared by an average of 17 cents. Gains were deep and widespread.

U.S. winter weather is playing a much bigger role in natural gas balances today because it is driving the call on marginal production and hence, price changes, the senior natural gas strategist for BNP Paribas said Friday.

Physical gas for weekend and Monday delivery on average was unchanged in Friday’s trading, and although most points showed gains of a nickel or more, forecasts of mild temperatures in New England and at eastern points prompted double-digit declines and offset what otherwise was broad market strength.

Physical gas for Friday delivery fell hard and fell often as prices averaged a decline of 19 cents nationally in Thursday’s trading. No actively traded point registered gains and most points tumbled anywhere from a dime to 20 cents.

U.S. natural gas production and prices will be higher in 2014, but overall consumption will remain flat at or near 70 Bcf/d, according to the Energy Information Administration (EIA) Short-Term Energy Outlook issued on Wednesday.

Natural gas for delivery Thursday fell 22 cents on average, but if the multi-dollar losses at New England points are factored out, the decline was a more modest 8 cents. Weather forecasts showing a warming trend pulled the plug on the bulls’ aspirations and futures softened as well.

The dawn of the “Golden Era of Gas,” touted two years ago by the International Energy Agency (IEA), has become “more rapid and more pronounced,” but it won’t necessarily create an oil era, according to the 2013 World Energy Outlook (WEO).