Updated Aug 22, 2024
8/22/24
Natural gas prices mostly lost ground in August bidweek trading as rising production volumes and stout supplies in storage undercut the impact of forecasts for a sweltering end to the summer.
Spooked by blistering heat, natural gas traders sent August baseload prices higher for several locations on the first day of bidweek trading, NGI’s Bidweek Alert (BWA) showed.
July baseload natural gas prices for Canadian hubs weakened further during the final day of bidweek trading on Wednesday, while Lower 48 hubs maintained an overall upward trajectory from June, according to NGI’s Bidweek Alert.
Baseload natural gas prices continued to move higher in Texas on Tuesday, the second day of July bidweek trading, while in the Southeast, new supply from the startup of a long-awaited pipeline appeared to weigh on prices.
Baseload natural gas prices advanced during the first day of July bidweek trading on Monday, supported by intense heat taking grip across the Lower 48, with forecasts pointing to more of the same in July.
Baseload natural gas prices held onto gains in southern and western portions of the country on the final day of June bidweek trading Wednesday, while abundant supply and a slow start to summer heat kept most prices in other areas under pressure.
Baseload natural gas prices continued to move higher in Texas and Southeast in the second day of June bidweek trading Tuesday, supported by expected summer power demand and ebbing pipeline maintenance.
Natural gas prices pushed higher in key regions during the first day of June bidweek trading on Friday as production leveled off below 100 Bcf/d, storage surpluses narrowed and forecasts pointed to a hot start to summer.
As bidweek continued into a second day Thursday (April 25), baseload prices maintained the weak tenor established in Wednesday’s opener, according to NGI’s Bidweek Alert (BWA).
Baseload natural gas prices were trending lower for May delivery as mild weather and a glut of supply in Texas kept bidders from rushing to buy on the first day of bidweek trading Wednesday (April 24), according to NGI’s Bidweek Alert (BWA).