Low Spring Demand Takes Toll on Weekly Natural Gas Prices; Futures Quiet Too, but Stronger Pricing Looms
Picture-perfect weather across the country sank spot gas prices for the April 5-9 week, with markets on the East Coast leading the way with the steepest losses in the Lower 48. NGI’s Weekly Spot Gas National Avg. ultimately fell 15.0 cents week/week to average $2.250.
Nymex futures were far less volatile, aside from the start of the week, when the May contract sunk to a year-to-date low after a major warm revision in the April forecast.
Driven by mild temperatures in the 50s to 70s across the northern United States, Northeast markets posted substantial decreases week/week. The result was sub-$2.000 pricing even in some of the highest-priced markets.
Weekly Natural Gas Prices Attempt Rebound After Rough Start and Big Drop in Northeast
Weekly natural gas cash prices gave up ground amid mild temperatures and light heating demand across much of the Lower 48 at the start of the week. Spot prices dropped more than 25 cents on Monday and could not make up the deficit despite gains later in the week.
NGI’s Weekly Spot Gas National Avg. for the March 8-12 period fell 43.5 cents to $2.510.
On Monday, cash prices were down across nearly every region. They were led lower by plunging prices in response to rising temperatures in the Northeast, where several hubs dropped $1.600 or more.
Weekly Spot Natural Gas Prices Extend Massive Losses to Close February naturalgasintel.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from naturalgasintel.com Daily Mail and Mail on Sunday newspapers.
CFTC Examining Texas Energy Markets for Violations After Deep Freeze, Surge in Natural Gas Prices
U.S. regulators are scrutinizing derivatives markets after severe winter weather paralyzed Texas’ energy grid last week and sent natural gas cash prices soaring, the acting chairman of the Commodity Futures Trading Commission (CFTC) said.
The head of the CFTC said the regulator is monitoring Texas energy markets for any “irregularities” in the next-day and futures markets after an extraordinary deep freeze left millions of Texans without power, exposed vulnerabilities in the state’s energy system and resulted in “the tragic loss of life.”
“We remain prepared to do whatever is necessary to protect the integrity of our markets,” Acting Chairman Rostin Behnam told the CFTC’s Market Risk Advisory Committee Tuesday.