Articles tagged nymex settlement

Prompt month natural gas futures extended declines in light volume trade Monday ahead of the contract’s expiration at the close of business Wednesday.

Natural gas futures rose on Monday for a fifth session as the possibility of a rare summer storage draw later this week highlighted lower output alongside decent demand tightening supply-demand balances.

Natural gas futures stumbled to start the trading week amid rising production levels and milder demand forecasts from the cooling effects of Hurricane Debby.

With the market assessing gains in production against another increase in LNG exports, natural gas futures were trading higher early Monday.

Natural gas futures hovered close to even early Thursday as the market prepared for the release of a government inventory report expected to show another weak injection of supply into underground storage.

Natural gas futures pulled back from early highs, still ending the week’s opening session with a gain as near-term cold weather that could prevent surpluses in natural gas inventories from widening further offered some support.

• Natural gas futures pull back from early highs but still in positive territory as weather models seen cooler over weekend
• April Nymex contract trading at $1.713/MMBtu as of 2:10 p.m. ET, up 5.8 cents
• “Changes over the weekend were colder, particularly for the Plains and Midwest” throughout 15-day projection period, according to Maxar meteorologist Brad Harvey
• Maxar expecting “volatility in future model runs until they hone in on a solution,” Harvey said on Enelyst
• Per NatGasWeather: Outlook “neutral to slightly bullish” through early next week, then “neutral to slightly bearish March 27-April 4”
• NGI modeling 9 Bcf injection into Lower 48 storage for week ended March 15, versus five-year average 42 Bcf withdrawal
• Physical prices rallying on late season chills; Henry Hub up 16.5 cents to $1.535, per NGI’s MidDay Price Alert
• Weather systems expected to “track across the northern tier the next seven days with rain, snow and just enough chilly air to keep national demand near to slightly stronger than normal,” according to NatGasWeather
• National Weather Service calling for “frost/freeze risk” for parts of South and Southeast and “rounds of lake effect snow…downwind of the Great Lakes” 
• Midwest Regional Avg. up 14.5 cents to $1.480; Southeast Regional Avg. at $1.530, up 22.5 cents, per MidDay Price Alert

Natural gas futures rallied on Monday after the largest U.S. natural gas producer announced it would cut 1 Bcf/d of output through the end of March, chopping into a supply glut caused by one of the mildest winters on record.

• Nymex front month maintaining early gains through midday trading, buoyed by EQT Corp. announcing 1.0 Bcf/d production cut
• April Nymex contract up 9.2 cents to $1.927/MMBtu as of 2:08 p.m. ET; July up 11.0 cents to $2.576
• Per EQT: Curtailments began in late February and to continue through March
• Northeast dry gas production at 33.3 Bcf/d for Monday, off around 2 Bcf/d from mid-February levels, Bloomberg data show
• Per Gelber & Associates: “Our outlook on a bottom going into the beginning of the new storage season appears to be playing out for now”
• Maxar slashes gas-weighted heating degree days (GWHDD) from forecast based on weekend model changes
• “With the forecast trending warmer over the weekend, March is on a top-five warm pace for GWHDDs dating back to 1950,” Maxar meteorologist Brad Harvey said on Enelyst
• Lower 48 storage at 2,374 Bcf as of Feb. 23, 26.5% above five-year average, per U.S. Energy Information Administration
• NGI modeling 37 Bcf withdrawal for week ended Mar. 1, versus minus-93 Bcf five-year average
• Bargain-basement physical prices continuing amid generally mild weather; Henry Hub spot muted versus Nymex front month, adds just 2.0 cents to $1.485, NGI’s MidDay Price Alert shows
• West Texas cash prices crumble as new pipeline constraint reported downstream; Waha plunges to 17.5 cents, down 48.0 cents day/day, according to MidDay Price Alert
• El Paso Natural Gas force majeure declared Friday cut 46,276 MMBtu/d at ELPASO C constraint over weekend, per Wood Mackenzie analyst Kevin Ong
• ELPASO C throughput meter flowing at 100% capacity since Friday, with 565,224 MMBtu scheduled, Wood Mackenzie pipeline data show

Natural gas forwards retreated during the Jan. 11-17 trading period as impacts to both supply and demand from recent Arctic weather began to subside and as a much milder late January pattern came into sharper focus.