Heat Wave Returns Weekly Natural Gas Cash Prices to Winning Ways; Futures Fizzle
The NGI Gas Price Index Report on a weekly basis
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Weekly prices for natural gas in cash markets bounced back due to extreme heatwaves and high demand for cooling across a significant portion of the United States.
The NGI's Weekly Spot Gas National Average for the week of July 10-14 increased by 2.5 cents to reach $2.420. After a month of rising prices, the average had dropped by 23.5 cents the previous week.
The weather over the previous week was perfect for an increased usage of natural gas, leading to a rise in the physical market prices. The temperature drastically increased from the 90s to the 100s in Texas, the Southwest, and certain areas of California. Additionally, portions of the East experienced high temperatures in the 90s as well.
"The request has arrived," stated Steve Blair, a senior account executive at Marex North America LLC, to NGI.
As the trading week came to an end, notable winners in the western region included PG&E Citygate, experiencing a significant increase of 75.5 cents to reach a price of $4.390,...
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Topics within the same category: storage of natural gas
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