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Natural Gas Forward Prices Sizzle Alongside Temperatures; CA Basis Weakens on Strong Hydro Supply - Natural Gas Intelligence

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Natural Gas Forward Prices Sizzle Alongside Temperatures; CA Basis Weakens on Strong Hydro Supply

Impressive heat in the forecast for the second half of June sparked a rally in the natural gas forwards markets from June 6-12, with double-digit gains spread across most of the Lower 48, according to NGI’s Forward Look.

While fixed prices for July continued to average well below $3.000/MMBtu, benchmark Henry Hub moved across that threshold after gaining 22.3 cents through the week to hit $3.051, Forward Look data showed. Prices for the balance of summer (July-October) were up similarly and averaged $3.115.

NatGasWeather said the 15-day outlook showed searing heat across most of the country. Highs in the 90s were expected to stretch into the Northeast, while areas from California to Texas could see daytime temperatures in the low 100s. As such, cooling degree day totals for June 17-27 were forecast to be near all-time records, according to the forecaster.

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