NGI Mexico GPI

Natural gas prices in Mexico surpassed $3.00/MMBtu in September for the first time since May, tracking the movement of prices in the United States, according to the IPGN monthly natural gas price index published by the Comisión Reguladora de Energía (CRE).

Natural gas futures traders took the curve down a notch Friday as the latest weather data moved the needle slightly lower in terms of the overall demand picture for the next couple of weeks. The November Nymex contract settled 1.6 cents lower, and December slipped fractionally to $2.459.

Mexican state oil company Petróleos Mexicanos (Pemex) reported a net loss of 87.9 billion pesos ($4.6 billion) for the third quarter, down from a 26.8 billion-peso (about $1.38 billion at the time) profit in the same period a year ago.

Natural gas futures picked up a few cents Thursday after the latest storage data likely gave traders some pause ahead of what is expected to be the most significant cold blast of winter so far. After briefly dipping to $2.269, the November Nymex natural gas futures contract went on to settle at $2.316, up 3.4 cents. December climbed 3.8 cents to $2.465.

Editor’s Note: NGI’s Mexico Gas Price Index, a leader tracking Mexico natural gas market reform, is offering the following question-and-answer (Q&A) column as part of a regular interview series with experts in the Mexican natural gas market.

Natural gas futures continued to strengthen at the front of the curve Wednesday as weather models moved in greater alignment regarding projected cold over the next couple of weeks. The Nymex November gas futures contract rose 1.0 cent to $2.282/MMBtu, but with chilly air seen waning after the first week of November, the December contract slipped 2.2 cents to $2.427.

The renegotiated supply contract for the 2.6 Bcf/d Sur de Texas-Tuxpan natural gas pipeline was a “win-win” for all parties involved, Infraestructura Energética Nova (IEnova) CEO Tania Ortiz Mena said Thursday.

Variability in the latest weather models worked in favor of natural gas bulls on Tuesday, with data pointing to chillier temperatures at the end of October/early November. With strong cash prices in tow, the supportive weather data boosted November Nymex gas futures by 3.4 cents to settle at $2.272. December climbed less than a penny to $2.449.

The highly controversial 26-year reign of Carlos Romero Deschamps as leader of the union of the Mexican national oil company Petróleos Mexicanos (Pemex) has reached its end.