NGI Data

Weekly gas prices ending March 21 had the look and feel of air escaping from a flat tire as the first signs of spring became evident following what for many regions was a brutally cold winter. Nearly all physical cash points were down by double digits with the exception of a few Rockies and California locations which managed gains of just a few pennies. Every region followed by NGI posted a loss and the NGI National Spot Gas Average fell 43 cents from the previous week to $4.60. The individual market point with the greatest gain was El Paso S Mainline with a rise of all of 9 cents to average $4.65, and the greatest decline was seen at lightly traded Dracut with a loss of $8.86 to $7.75.

Spot natural gas prices for Friday delivery on average fell about a quarter in Thursday's trading as winter-weary market participants welcomed the first day of spring with quotes mostly lower across the board…

Physical gas prices for Thursday delivery fell in Wednesday's trading as winter-weary traders and marketers filled out basketball brackets and welcomed the relative quiet of shoulder season trading. On balance, physical prices fell about a quarter Wednesday with Northeast quotes tugging the market lower and Marcellus points giving a push upward.

With Thursday marking the first official day of spring, physical natural gas for Wednesday delivery weakened in Tuesday's trading with quotes down about a quarter on average and nearly all points recording losses. The largest declines were seen in the Marcellus and Northeast, but notable exceptions to the slate of lower reads were a couple points in the Midwest east of a major storm system that pummeled the Rocky Mountains Tuesday and was expected to grind its way into the Great Lakes and Midwest by Wednesday. At the close of futures trading April had retreated 8.0 cents to $4.456 and May was down 6.8 cents to $4.424. April crude oil added $1.62 to $99.70.

Overall physical gas prices fell about a nickel in Monday's trading for Tuesday delivery, but the market was punctuated by wide swings. In western producing regions and California stout double digit gains were seen, but in market areas such as Chicago and the East moderating temperature trends prompted multi-dollar losses at some points. At the close of futures trading April had risen 11.1 cents to $4.536 and May was higher by 8.9 cents to $4.492. April crude oil tumbled 81 cents to $98.08/bbl.

Physical gas for weekend and Monday delivery on balance posted solid gains in Friday's trading. East and Northeast locations were expected to see another round of plunging temperatures towards the end of the weekend and into Monday, and New England points led the day's advance with double-digit dollar gains.

Weekly national spot gas prices suffered the worst drubbing since NGI began keeping score in Sept. 1999 as traders began to eye the finish line of what will go down in the history books as one of the most frigid winters in memory. The NGI National Weekly Spot Gas Average plunged a gut wrenching $3.15 to average $5.03 for the week ended March 14. The previous record was the decline of $1.90 to $7.53 seen Feb. 14, 2014.

Physical gas for Friday delivery plunged at all market points in Thursday’s trading with losses ranging from about a quarter to multiple dollars.

Physical natural gas prices for Thursday delivery on balance gained over 50 cents, but double-dollar gains in New England and along the Atlantic Seaboard were more than able to offset weaker quotes in the Midwest, Midcontinent, California and the Rockies. The gains on Wednesday were weather-driven as a fast moving winter storm was moving to the East Coast through Friday. At the close of futures trading, April had dropped 11.5 cents to $4.490, and May was off 10.3 cents to $4.441. April crude oil slumped $2.04 to $97.99/bbl.