NGI Data

Natural gas futures had the trajectory of a coyote falling off a cliff in a Saturday morning cartoon and posted a new six-month low following the release of government storage figures that were well on the high side of what the market was expecting.

Physical gas for next-day delivery fell hard and fell often and didn’t need any help from the stricken futures market as most traders made a concerted effort to get their deals done ahead of the morning Energy Information Administration (EIA) storage report.

Physical natural gas for Thursday delivery continued on its downward glide path Wednesday as any kind of supportive weather patterns failed to emerge, with cooling requirements nationally over the next two weeks expected to be below last year and below normal overall.

Physical natural gas values for Wednesday delivery slipped lower, led by hefty declines at Mid-Atlantic points with major assistance from New England and the Marcellus region. Eastern power loads were forecast lower. Most points were off by a few pennies up to about a nickel, and those that did make it into the plus column did so by only a penny or two. NGI’s National Spot Gas Average fell 3 cents to $4.02.

Spot gas for Tuesday delivery gained ground in Monday’s trading as a major pipeline reported significant maintenance outages resulting in major volume reductions to Northeast markets. Next-day gas in New England surged as much as $1, and Mid-Atlantic locations were not far behind.

With temperatures forecast to move little from seasonal norms, purchases for weekend and Monday volumes seemed to have little appeal in Friday’s trading.

Losses ruled for both physical and financial natural gas markets, with the NGI Weekly National Spot Gas Average falling 22 cents to $4.01 for the week ended July 11. All actively traded points posted losses, with the norm being a decline from 10 cents to a touch above 20 cents.

Natural gas futures continued lower following the release of government storage figures that were somewhat on the high side of what the market was expecting.

Spot gas for Friday delivery continued to sink in Thursday trading on double-digit declines in the Northeast and Eastern points along with a weak screen that set, in the words of one trader, “no rallying power at all.”