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Choppy Natural Gas Forward Prices Reflect Cautious Market Heading Into Holiday

Natural Gas Intelligence · last updated

The front of the natural gas forward curve strengthened during the June 26-July 2 trading period, while prices for winter and next summer softened, as the market sought direction ahead of the July 4 holiday.

Natural Gas Intelligence's (NGI) natural gas forward curve chart showing basis price forecasts for hubs key to the California market.

Fixed prices for August delivery rose by an average of 7.5 cents to $3.062/MMBtu, NGI’s Forward Look data show. Waha in West Texas climbed 23.4 cents to $2.046, while Lower 48 benchmark Henry Hub slipped 8.7 cents to $3.492.

The Henry Hub decline contributed to a hefty improvement in August basis differentials throughout the country, which increased by 15.6 cents on average over the six-day stretch.

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