Markets

With the return of significantly colder weather not on the radar until around the new year — and milder temperatures likely until then expected to substantially tighten current natural gas storage deficits — January forward prices plunged an average 34 cents from Dec. 13-18, according to NGI’s Forward Look.

Another day of whipsaw price action saw natural gas futures slip lower after probing both sides of even, with a larger-than-expected storage withdrawal from the Energy Information Administration (EIA) failing to spark much momentum for the bulls. In the spot market, forecasts calling for mild temperatures sent Northeast prices lower as points throughout the middle third of the Lower 48 rebounded; the NGI Spot Gas National Avg. added 7.5 cents to $3.465/MMBtu.

Another day of whipsaw price action saw natural gas futures slip lower after probing both sides of even, with a larger-than-expected storage withdrawal from the Energy Information Administration (EIA) failing to spark much momentum for the bulls. In the spot market, forecasts calling for mild temperatures sent Northeast prices lower as points throughout the middle third of the Lower 48 rebounded; the NGI Spot Gas National Avg. added 7.5 cents to $3.465/MMBtu.

After three days of dramatic swings, natural gas winter prices appeared ready for another round of volatility Wednesday as January teetered around a nickel lower early before plummeting about 20 cents just ahead of the session’s open.

With the return of significantly colder weather not on the radar until around the new year — and milder temperatures likely until then expected to substantially tighten current natural gas storage deficits — January forward prices plunged an average 34 cents from Dec. 13-18, according to NGI’s Forward Look.

After crumbling as much as 27.5 cents earlier in the day, January natural gas prices on Wednesday hit a wall and bounced back to recover a good portion of the losses. The Nymex January gas futures contract went on to settle at $3.726, down 11.2 cents on the day. February fell 8.9 cents to $3.653 and March dropped 5.2 cents to $3.506.

After crumbling as much as 27.5 cents earlier in the day, January natural gas prices on Wednesday hit a wall and bounced back to recover a good portion of the losses. The Nymex January gas futures contract went on to settle at $3.726, down 11.2 cents on the day. February fell 8.9 cents to $3.653 and March dropped 5.2 cents to $3.506.

January natural gas prices were more than 15 cents higher Tuesday morning as the prompt month bounced off resistance after plunging 60 cents during the past two trading sessions and more than $1 from last week’s high.

The American Petroleum Institute (API) said Tuesday Executive Vice President Marty Durbin will step down on Jan. 31 after nearly a decade of representing the oil and natural gas industry.