Gains for Texas, Midcon in March Natural Gas Bidweek as Analysts Ponder Mild Temps, Supply Tightness
As natural gas bidweek traders weighed moderating temperatures against possible lingering impacts from a historic cold blast, March prices finished slightly higher month/month.
NGI’s March Bidweek National Avg. climbed 7.0 cents to $2.895/MMBtu, a reflection of both fading winter premiums for demand areas in the Northeast and double-digit gains for points throughout producing areas of Texas and the Midcontinent.
The $2.895 average for March 2021 represents a substantial increase over the $1.530 average recorded for March 2020 bidweek.
Coming off last month’s never-before-seen price spikes in the physical market and large volumes of production forced offline because of the freeze, locations throughout West Texas and Oklahoma picked up large month/month gains during March bidweek.