Markets

Natural gas forwards markets shot up an average 25 cents between Nov. 3 and 9 as all the hype about an approaching cold front came to fruition late in the week, sending temperatures plunging to near-record lows, according toNGI’s Forward Look.

Natural gas futures fell Monday as traders attempted to decipher a volatile weather outlook showing bearish risks later in the month, while the cash market adjusted to a falloff in demand from last week’s cold blast. Driven by a sharp drop in New England spot prices, the NGI National Spot Gas Average fell 8 cents to $3.08.

After pushing through resistance and trading above $3.220 in the overnight hours, December natural gas was set to open about 2 cents lower Friday amid some warmer changes to the weather models later this month.

Companies passed on Mexico’s first tender to hire a marketer for the oil and natural gas output that the government receives from operators with production-sharing agreements (PSAs).

Natural gas forwards markets shot up an average 25 cents between Nov. 3 and 9 as all the hype about an approaching cold front came to fruition late in the week, sending temperatures plunging to near-record lows, according to NGI’s Forward Look.

U.S.-based energy companies this week announced billions of potential investments from Chinese firms that would not only ensure financing to develop domestic natural gas but also the wherewithal to export more gas and ethane products to the fastest growing market in the world.

Natural gas for weekend and Monday delivery traded in the red from coast-to-coast Friday amid a let-off in expected demand following a cold blast sweeping through the Northeast and Midwest. Northeast prices moderated from Thursday’s weather-driven spikes as Midwest points fell by double digits, and the NGI National Spot Gas Average notched a 24-cent decline to end the week at $3.16.

Winter started during the week ended Nov. 10, at least as far as natural gas markets were concerned.

December natural gas was set to open nearly 3 cents higher at around $3.202 Thursday, with all eyes turning to the 10:30 a.m. release of the Energy Information Administration’s (EIA) weekly storage figure. Overnight oil markets were mixed.