Markets

The global natural gas trade is seen growing in line with global consumption over the next 20 years, with imports and exports playing an increasingly vital role in the world’s economy, according to BP plc.

Next-day physical gas prices soared on Wednesday as East Coast buyers made sure of adequate supplies ahead of a storm, with forecasters expecting cold temperatures could send overnight lows below zero. Strength at eastern locations was more than able to lift overall pricing by double-digits, and the NGI National Spot Gas Average jumped 18 cents to $2.38.

March natural gas is expected to open 5 cents lower Tuesday morning at $2.09 as weather forecasts moderate slightly from Monday’s bullish outlook. Overnight oil markets fell.

Physical natural gas for delivery Wednesday followed the cue from the screen and traded lower Tuesday.

March natural gas is set to open 7 cents higher Monday morning at $2.13 as overnight weather forecasts call for a healthy shot of near-term cold. Overnight oil markets plunged.

California regulators set new emergency requirements for natural gas and oil storage operations in the state — including requirements for testing, inspections and monitoring of all wells — in response to an emergency declaration by Gov. Jerry Brown over the Southern California Gas Co. (SoCalGas) Aliso Canyon storage well leak earlier this year.

Physical natural gas for Tuesday delivery took a sharp turn higher in Monday’s trading as forecast wintry conditions in both the Midwest and East, along with a firm next-day power market, brought buyers into the market. Gains were most pronounced in the East and New England, and no points fell into the red.

March natural gas is called 8 cents higher Friday morning at $2.05 as weather forecasts trend in the cooler direction past mid-month. Overnight oil markets were mixed.

Weekend and Monday packages of physical gas traded Friday managed modest gains as rising quotes in the Midwest, Midcontinent, Gulf Coast and Northeast led soft quotes in the Rockies, West Texas and California higher.