With cold weather forecast for the medium range but the possibility of warmer weather later next month, forward prices across the country were mixed but mostly stronger for the Nov. 21-28 period, according to NGI’s Forward Look. December prices averaged 24 cents higher, while January tacked on an average 21 cents.
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NGI The Weekly Gas Market Report
U.S. Natural Gas, Oil Proved Reserves Reached Record Highs in 2017, Says EIA
Strengthening prices, combined with continuing development of shales and low permeability formations, drove both U.S. natural gas and crude oil proved reserves to record levels in 2017, about double their levels a decade earlier, according to the Energy Information Administration (EIA).
Natural Gas Futures Down But Largely Shrug Off Bearish EIA Storage Data; Cash Strong in Rockies, California
The natural gas futures market shrugged off bearish government storage data Thursday, with the front month managing to hold on to the lion’s share of gains from a furious rally during the previous session. In the spot market, East Coast points moderated as a number of locations in the Rockies and California continued to trade at elevated prices; the NGI Spot Gas National Avg. climbed 6.5 cents to $4.530/MMBtu.
Bearish EIA Storage Miss Fails to Shake Up Natural Gas Futures; Gains for West Texas Cash
The natural gas futures market shrugged off bearish government storage data Thursday, with the front month managing to hold on to the lion’s share of gains from a furious rally during the previous session. In the spot market, East Coast points moderated as a number of locations in the Rockies and California continued to trade at elevated prices; the NGI Spot Gas National Avg. climbed 6.5 cents to $4.530/MMBtu.
Expected Medium Range Cold Seen Stronger Overnight as Natural Gas Called Higher
December natural gas futures, set to expire Wednesday, were trading 17.1 cents higher at $4.433/MMBtu shortly before 9 a.m. ET, with forecast heating demand gains overnight setting the backdrop for a potentially volatile last day of trading for the contract.
NGI The Weekly Gas Market Report
Mexico Seen as Eventual Release Valve for Natural Gas Supply Growth Squeezing West Texas
The supply ramp in the Permian Basin, which has overwhelmed takeaway capacity and pressured prices in the region, reached a new threshold this week when some day-ahead deals traded in the negatives, a sign of severe constraints that could last months, said analysts, as the infrastructure buildout catches up with production.
NGI The Weekly Gas Market Report
‘Epic’ Deepwater Oil, Gas Cost Reductions Facing Inflationary Headwinds, Says Wood Mackenzie
The deepwater oil and gas industry has come out of its sustained downturn, but it now faces impending cyclical cost inflation that could wreak havoc on its work to cut expenses, according to Wood Mackenzie.
December Natural Gas Surges into Expiry; Cash Strong But West Texas Struggles
Natural gas futures rallied into the front month expiration Wednesday, with forecasters pointing to colder medium-range trends that could encourage the bulls as the market turns its attention to the January contract. In the spot market, weakness in West Texas continued as moderating forecasts saw Mid-Atlantic and Southeast prices pull back; the NGI National Spot Gas Average added 12.0 cents to $4.465/MMBtu.
Natural Gas Futures Rally Big on December Contract’s Last Day; Struggles Continue for West Texas Cash
Natural gas futures rallied into the front month expiration Wednesday, with forecasters pointing to colder medium-range trends that could encourage the bulls as the market turns its attention to the January contract. In the spot market, weakness in West Texas continued as moderating forecasts saw Mid-Atlantic and Southeast prices pull back; the NGI National Spot Gas Average added 12.0 cents to $4.465/MMBtu.
Mid-December Milder Weather Risks Weigh as Natural Gas Futures Called Slightly Lower
December natural gas futures were trading 1.8 cents lower at $4.230/MMBtu shortly before 9 a.m. ET as forecasters continued to point to risks for milder temperatures by the middle of next month.