Summit Midstream Partners, LP Announces Series A Preferred Unit Exchange Offer prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
Natural gas spot prices at several trading hubs approached their record highs briefly during the week of February 14 amid significantly colder-than-normal weather that affected most of the Lower 48 states. The cold weather led to natural gas supply and demand imbalances. Natural gas production declined because of freeze-offs (temporary interruptions in production caused by .
US spot gas prices fall back to pre-storm levels as supply and demand rebalance
US spot gas prices have plummeted to pre-winter storm levels over the last two weeks, as demand returns to seasonal norms and production bounces back after freeze-offs.
After spiking during the cold weather event in the third week of February, spot gas prices in the US West have fallen below $4/MMBtu across the board. Stronger supply from both production and inflows have kept a lid on spot prices, especially in the Permian.
In the Southwest, Waha Hub has settled in a range of $2.38-$2.645/MMBtu for Feb. 22 – March 3, after spiking to over $200/MMBtu on Feb. 16. Permian Basin gas production has averaged around 11.6 Bcf/d for the last two weeks, up from the 9 Bcf/d averaged during the cold weather event (Feb. 14-19), according to S&P Global Platts Analytics data. Inflows from the Rockies into the Southwest have increased in addition to the stronger production, averaging 2.2 Bcf/d for the last two weeks