Markets

Physical gas for Tuesday delivery fell sharply at many points in Monday’s trading. Particularly hard hit were locations in the Northeast, as moderating weather was seen sending Tuesday temperatures to above normal readings. Locations in and around New York and Philadelphia were softer as well, but Marcelllus points advanced. California points were steady to higher. At the close of futures trading April had advanced 3.3 cents to $4.651 and May was up 0.9 cent to $4.576. April crude oil slumped $1.46 to $101.12/bbl.

Natural gas for weekend and Monday delivery was highly varied in Friday’s trading. A major interstate pipeline declared a force majeure, and although earlier polar vortices do not seem to be in play, many traders were not desirous of being short gas going into the weekend with cold weather clearly an added risk.

Spot natural gas for Friday delivery continued to work lower in Thursday’s trading as the market was pressured by myriad forces. New England recorded the biggest drops as a warming trend was expected to bring Boston to above normal temperatures by the weekend, and the West Coast softened as the Pacific Northwest hydro situation improved.

Drilling and completion technology advances are powering North America’s natural gas supply growth, but down the value chain near the burner tip, the gas industry is burdened by outdated regulatory policies and needs new technology and innovation to capitalize on gas supply, speakers said at IHS CERAWeek in Houston Wednesday.

Spot natural gas prices for Thursday delivery continued their downward migration in Wednesday’s trading as gas purchased during bidweek continued to become available for balance of the month. Only a handful of locations made it to the positive side of the trading ledger, and the average decline nationally was seen at close to $2.

Physical gas for Wednesday delivery plunged in Tuesday’s trading despite continued brutal cold across the Midwest as far east as the Mid-Atlantic.

Physical natural gas for Tuesday delivery moved abruptly higher in Monday’s trading. A storm ripping across the Mid-Atlantic sent prices in some areas to double-digit dollar gains, but quotes all along the Eastern Seaboard were mostly solidly in the black.

Spot prices for gas for delivery for the weekend and Monday vaulted higher Friday, led by gains in the Midwest and Great Lakes. Buyers were scrambling for supplies as weather-driven prices on pipelines serving the frozen tundra of Minnesota, Wisconsin and Michigan posted double-digit dollar gains.

Physical natural gas prices for Friday delivery were broadly mixed in Thursday trading, with gains posted in New England, California and the Rockies and declines seen in the Midwest, East and Gulf.