GAS PRICES UP TO $3.146

PLATTS , OILPRICE - The NYMEX October natural gas futures contract jumped 12.2 cents Monday to settle at $3.146/MMBtu, with warmer-than-average weather expected to persist through the end of September across major demand areas.

The 12.2-cent climb brings the front-month contract to its highest point since May 26, when the gas contract settled at $3.236/MMBtu.

Gene McGillian, manager of market research at Tradition Energy, said "late-season cooling demand" is driving the market jump.

The most recent six- to 10-day outlook from the National Weather Service calls for a high likelihood of warmer-than-average weather across the eastern half of the country, including major demand areas Chicago and New York.

This continued late-season cooling demand could be giving a boost to the market as storage sits at an estimated 1.3% surplus to the five-year average, according to Energy Information Administration data. McGillian said it is possible stocks will be at their lowest point in three years heading into the winter months.

Although weather outlooks currently are bullish, McGillian said production is at record levels, which could put pressure on any gains seen from the boost in cooling demand.

According to Platts Analytics' Bentek Energy data, US dry production climbed to 74.4 Bcf/d Saturday, well above the 71.5 Bcf/d year-to-date average.

Mexican exports and LNG feedgas have been more prevalent through 2017 than what was seen this time last year, totaling 5.9 Bcf/d year to date, 1.8 Bcf/d above this time in 2016, according to Platts Analytics.

As power demand approaches normal in the Southeast as it recovers from Irma, the National Hurricane Center is closely monitoring Hurricane Jose in the Atlantic.

Jose is expected to provide rainfall and wind to the Northeast, but current projections have the storm's center avoiding landfall with the US, according to the NHC.

Hurricane Maria also is churning in the Atlantic, but any potential impact to the US is not expected to occur until the start of next week.

The NYMEX settlement price is considered preliminary and subject to change until a final settlement price is posted at 7 pm EDT (2300 GMT).

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Earlier:

September, 13, 15:20:00 OIL PRICES: $51 - $52, GAS PRICES: $3.05 - $3.29 EIA forecasts Brent spot prices to average $51/b in 2017 and $52/b in 2018. Expected growth in natural gas exports and domestic natural gas consumption in 2018 contribute to the forecast Henry Hub natural gas spot price rising from an annual average of $3.05/MMBtu in 2017 to $3.29/MMBtu in 2018. English

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August, 24, 14:25:00 GAS PRICES: ABOVE $2.9 NYMEX September gas futures climbed 6.9 cents to $2.962/MMBtu as Monday's eclipse was projected to boost natural gas demand. English

July, 7, 08:15:00 OIL & GAS PRICES: DOWN TO $47 The August light, sweet crude contract on NYMEX dropped $1.94 on July 5 to settle at $45.13/bbl. The September contract was down $1.95 to close at $45.34/bbl. The NYMEX natural gas price for August declined 11¢ to a rounded $2.84/MMbtu. The Henry Hub cash gas price was $2.90/MMbtu on July 5, down 4¢ from June 30, the last available price for the US gas spot price. The Brent crude contract for September on London’s ICE decreased $1.82 to $47.79/bbl while the October contract dropped $1.83 to $48.07/bbl. The July gas oil contract was down $6.75 to $442.25/tonne. The Organization of Petroleum Exporting Countries’ basket of crudes on July 5 was $47.04/bbl, down 53¢. English

July, 7, 08:00:00 GAS PRICES DOWN In the report -- trailed in May at the Flame conference in Amsterdam -- the IGU also confirmed that the average global wholesale gas price averaged just $3.35/MMBtu in 2016, the lowest price in any survey done by the IGU since it started in 2005. English

July, 7, 07:40:00 SHALE GAS DRILLING UP One big reason is that natural gas prices have recovered from 20-year lows, nearly doubling since last year, according to S&P Global Market Intelligence. English

June, 30, 08:54:49 WEEKLY OIL GAS PRICES UP The August light, sweet crude contract on NYMEX gained 50¢ on June 28 to settle at $44.74/bbl. The September contract was up 50¢ to close at $44.99/bbl. The NYMEX natural gas price for July gained 3¢ to a rounded $3.07/MMbtu. The Henry Hub cash gas price also gained 3¢ to $3.01/MMbtu. The Brent crude contract for August on London’s ICE increased 66¢ to $47.31/bbl while the September contract climbed 62¢ to $47.54/bbl. The July gas oil contract gained $4.25 to $427.50/tonne. The Organization of Petroleum Exporting Countries’ basket of crudes on June 28 was $44.48/bbl, up 25¢. English