Updated Aug 22, 2024
8/22/24
By Chris Newman
onWeekly natural gas cash prices sank as former Hurricane Debby curbed demand in the East and West Texas prices sank deeper into the negative.
NGI’s Weekly Spot Gas National Avg. for the Aug. 5-9 trading period fell 17.5 cents to $1.585/MMBtu.
Declines were widespread in nearly every region, with West Texas and the Northeast leading the way lower.
Chris Newman joined NGI in October 2023. He worked 18 years at Argus Media, starting in 2004 in Washington, D.C., where he covered U.S. thermal/coking coal markets and rail transportation. In 2014, he moved to Singapore to help lead Argus’ coverage of steel and its raw material feedstocks. A graduate of the University of Virginia, Chris returned to his native Virginia in 2021.
Weekly natural gas spot prices crept higher in the week as regional hub values varied amid changes in weather forecasts that pulled back the number of cooling-degree days expected as the calendar drifts from summer closer to fall.
Weekly natural gas cash prices slipped lower in the week as abundant Lower 48 supply undercut support from strong cooling demand and LNG feed gas flows.
Weekly natural gas cash prices retreated amid seasonally mild temperatures in key sections of the Lower 48 and strong national production.
Weekly natural gas cash prices drifted lower despite sizzling summer temperatures across much of the Lower 48 and maintenance work in the Permian Basin that temporarily lowered production below the century mark.
Weekly natural gas cash prices were higher amid demand impacted by a heat wave and former Hurricane Beryl, while a slow inventory reduction that was spooking the futures market empowered the bears.
In the workweek ahead of the Fourth of July, natural gas cash prices dropped amid strong production and easing demand because of a cooldown in the country’s midsection and business closures for the holiday.
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