Wednesday physical natural gas trading for Thursday delivery saw widespread weakness of a few pennies at most spots around the country offset by significant strength in California and New England, where colder temperatures were beginning to set in.
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WSI: Cold Start to Eastern Winter May Fade by January
Temperatures across the United States over the next three months will be a decidedly mixed bag, with early cold in central and eastern areas expected to fade in the first days of 2014, according to forecasters at Weather Services International (WSI).
Gulf Leads Broad Decline; Expected Storage Build Derails Futures
Physical natural gas prices for Wednesday delivery on average overall fell a nickel in Tuesday’s trading. Most major market centers were well into the red, and Gulf Coast points were on the losing side of the trading ledger as well.
Midwest, East Lead Strong Advance; Futures Fall Hard
Physical natural gas for Tuesday delivery advanced overall on average 13 cents in Monday’s trading. Midwest locations were especially strong as pipelines reported constraints and eastern points jumped with weather forecasts calling for below normal temperatures by midweek.
Midwest Buttresses Broader Losses; Futures Inch Higher
Natural gas for weekend and Monday delivery skidded 7 cents on average in Friday’s trading. Nearly all points recorded losses, with some locations falling deep into double-digit declines.
Weekly Gains Seen Across The Board
Price-wise it was a solid week for natural gas as all regions of the country posted double-digit gains with the exception of the infrastructure-challenged Northeast. Only a handful of points slid into the loss column. Nationally, prices averaged a 13 cent gain to $3.74, while regionally the Rocky Mountains outdid everyone with a 21 cent gain to $3.74. The Northeast lagged the pack with a modest 4 cent advance. Of individual points, Northwest Sumas posted the greatest move rising 25 cents to $3.83 and Tennessee Zone 4 Marcellus had the largest loss of 49 cents to $1.47.
Plains GP Holdings Nets $2.82B in Year’s Biggest IPO
Houston-based Plains All American Pipeline LP’s recently formed general partner, Plains GP Holdings, on Wednesday raised $2.82 billion in the nation’s largest initial public offering (IPO) so far this year. The IPO offered 128 million shares at $22/share, and after the first day of trading the closing price settled at the offered amount.
ISO-New England ‘Jealous’ of Pipe Expansions in Other Regions
While New England is taking a fuel-neutral approach, it needs to have additional gas infrastructure, said Peter Brandien, vice president of system operations for ISO-New England.
FERC: Market Conditions ‘Generally Positive’ for Winter 2013-2014
Moderate natural gas and power prices, adequate gas storage inventories and growing natural gas production are all positive signs as colder weather approaches, FERC staff told the Commission Thursday during the Winter 2013-2014 Energy Market Assessment presentation.
West Coast Cash Plunges; Futures Sans Storage Report A Non-Event
Natural gas prices for Friday physical delivery on average fell 9 cents in Thursday’s trading. It was a tale of two coasts as West Coast points suffered hefty double-digit losses within a weak power environment and a nominal weather outlook. East Coast locations were mixed with prices a few pennies on either side of unchanged.