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Natural gas futures traded near even Wednesday as the market opted to stay put ahead of the release of government storage data expected to show a ramp up in injections. Shoulder season weather continued to limit spot market action across most regions, though prices fell in constrained West Texas and across much of the West; the NGI National Spot Gas Average fell 3 cents to $2.32. ....
Both physical and financial natural gas markets were poised to make healthy gains by midweek, but the weekly Energy Information Administration (EIA) storage report stunted gains in the physical market, and pushed the October futures into the loss column for the week. ....
Modest weakness at eastern points was not enough Wednesday to thwart an otherwise strong physical natural gas market. Next-day gas was firm at all locations outside the Northeast, with most points adding anywhere from a nickel to a dime. The NGI National Spot Gas Average rose 4 cents to $2.70 with gains in California, the Rockies, and the Gulf offsetting Marcellus weakness. ....
It was a tale of two physical markets Wednesday as Thursday gas traded sharply lower at Rockies and California points, but in the Northeast next-day deliveries added about a dime on a firm power market. NGI's National Spot Gas Average fell 13 cents to $2.32 and futures prices weakened as well. ....
There was plenty of market activity to keep bidweek traders busy as they put October deals to bed, but outside of Appalachia, the Rocky Mountains and California, bidweek quotes showed only nominal declines of a few pennies. The NGI October National Bidweek Average fell 10 cents to $2.54 from September Bidweek, and represents a mere 3-cent premium over the NGI October 2016 National Bidweek Average of $2.51. ....