2018-01-29 08:00:00
GAS PRICES: $3.505/MMBTU
PLATTS, BLOOMBERG - The NYMEX February natural gas futures contract continued its surge Friday, as the February contract expired at $3.505/MMBtu, up 5.8 cents compared with Thursday's close.
Friday's price jump caps a week that saw the February contract spike 32 cents over the past five trading sessions.
Friday is the final day with February as the front-month contract. March will take over as the prompt-month contract Monday. NYMEX March gas settled Friday at $3.175/MMBtu, up 7.6 cents.
John Woods, president of JJ Woods Associates, said the market is "overdone on the top side," adding that "going into the tail end of winter, prices are going to fall."
Cooler weather appears to be on the horizon, with the most recent eight- to 14-day outlook from the National Weather Service calling for a likelihood of lower-than-average temperatures across much of the Midcontinent and parts of the Northeast, likely driving up demand as the market moves to February.
S&P Global Platts Analytics projects US demand to average 94.8 Bcf/d over the next eight to 14 days, a jump from the 84.1 Bcf expected Friday.
Despite cooler weather spurring demand, Woods said the forecast "has already been built in [to prices]."
Possibly adding support to prices are well-below-average storage stocks. Energy Information Administration data show US stocks at an estimated 2.296 Tcf, a 17.5% deficit to the five-year average.
In the face of increasing demand, US dry production is expected to remain steady, averaging 77.3 Bcf/d over the next 14 days, according to S&P Global Platts Analytics.
The NYMEX settlement is considered preliminary and subject to change until a final settlement price is posted at 7 pm EST (2400 GMT).
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Earlier:
2018, January, 22, 07:45:00
GAS PRICES: $3.185/MMBTUPLATTS - After see-sawing around Thursday's settle, the NYMEX February natural gas futures contract ultimately settled Friday at $3.185/MMBtu, 0.4 cent lower as an increasingly bearish demand picture forms through the end of January.
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2018, January, 17, 23:25:00
U.S. OIL +111 TBD, GAS + 890 MCFDEIA - Crude oil production from the major US onshore regions is forecast to increase 111,000 b/d month-over-month in February to 6,549 million b/d, gas production to increase 890 million cubic feet/day to 64,071 million cubic feet/day .
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2018, January, 3, 16:00:00
GAS PRICES UP TO $2.990/MMBTUPLATTS - NYMEX February natural gas futures extended gains overnight in the US leading up to Tuesday's open, on the back of current and midrange weather support. At 7:20 am ET (1220 GMT) the contract was gripping the upside at $2.990/MMBtu, up 3.7 cents on the session.
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2017, December, 29, 11:40:00
GAS PRICES DOWN TO $2.643/MMBTUPLATTS - After dropping 2.4 cents Tuesday to settle at $2.643/MMBtu, NYMEX January natural gas futures dipped then rallied ahead of Wednesday's open and the contract's expiry at the close of business, as traders mulled the likely impact on demand from weather outlooks.
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2017, December, 6, 12:05:00
GAS PRICES DOWN TO $2.933PLATTS - Colder weather outlooks for major heating regions support the upside, while the recent and impending lackluster pace of storage erosion is keeping downward pressure on the market. At 6:50 am ET (1150 GMT) the contract was 5.2 cents lower at $2.933/MMBtu.
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2017, December, 1, 12:40:00
GAS PRICES DOWN TO $3.097/MMBTUPLATTS - Having gained over 5 cents yesterday as the new front month contract, NYMEX January 2018 natural gas futures were lower ahead of Thursday's open and the morning release of the weekly storage data. At 6:45 am ET (1145 GMT), the contract was down 8.2 cents to $3.097/MMBtu.
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2017, November, 29, 09:30:00
NYMEX GAS PRICE: $2.928/MMBTUPLATTS - A bullish weather forecast for much of the US provided a boost for gas futures coming out of the four-day Thanksgiving holiday, with NYMEX December settling Monday at $2.928/MMBtu, up 11.5 cents from Friday's close.
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