Markets

With weather models diverging overnight on the amount of cold that could arrive later this month, February natural gas futures were trading close to even shortly before 9 a.m. ET Wednesday, down 1.2 cents to $2.955/MMBtu.

The Electric Power Suppliers Association (EPSA), which overwhelmingly represents independent natural gas-fired electricity generators across the country, has petitioned the U.S. Supreme Court to hear its challenge against subsidies for nuclear power plants in New York and Illinois.

Varying outcomes from weather models for the final third of January accompanied a day of range-bound trading for natural gas futures Wednesday. Physical prices strengthened across the East Coast with wintry conditions moving in this week following recent mild temperatures; the NGI Spot Gas National Avg. added 30.0 cents to $3.155/MMBtu.

Varying outcomes from weather models for the final third of January accompanied a day of range-bound trading for natural gas futures Wednesday. Physical prices strengthened across the East Coast with wintry conditions moving in this week following recent mild temperatures; the NGI Spot Gas National Avg. added 30.0 cents to $3.155/MMBtu.

Forecasts advertising a potential shift to chillier conditions in the East later this month helped boost natural gas futures Tuesday, though prices ultimately finished well off the session’s highs. In the spot market, expectations for cooler temperatures in the Midwest and East later this week coincided with double-digit gains across the eastern two-thirds of the Lower 48; the NGI Spot Gas National Avg. climbed 19.0 cents to $2.855/MMBtu.

Forecasts advertising a potential shift to chillier conditions in the East later this month helped boost natural gas futures Tuesday, though prices ultimately finished well off the session’s highs. In the spot market, expectations for cooler temperatures in the Midwest and East later this week coincided with double-digit gains across the eastern two-thirds of the Lower 48; the NGI Spot Gas National Avg. climbed 19.0 cents to $2.855/MMBtu.

February natural gas futures were trading 4.6 cents higher at $2.990/MMBtu shortly before 9 a.m. ET Tuesday as forecasters pointed to further signs overnight of cold weather returning later this month.

U.S. natural gas prices are looking weaker over the longer term, despite the recent rally, and the crude oil outlook, at least for now, is waning as well, energy analysts said Monday.

American Petroleum Institute (API) CEO Mike Sommers said the partial shutdown of the federal government, which reached its 18th day on Tuesday, hasn’t had a major impact on the oil and gas industry to date, but he warned that could change should the impasse continue.