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Heavy snow and blizzard conditions on the U.S. East Coast drove the highest natural gas spot price ever recorded by NGI, with Transco Zone 6 New York trading as high as $175 per MMBtu. Futures sold off after an EIA storage report fell short of expectations, with the prompt month settling at $2.880.
Cash prices spiked on local weather and pipeline constraints, but futures fell on warmer forecasts, so the price signal was mostly short-term for the market as a whole.
naturalgasintel.comJeremiah ShelorJan 4, 2018After 221 past bullish weather events, NATGAS moved a median +3.3% over 5 sessions (61% higher; middle half -5.2% to +14.0%), and -0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Futures sold off after the EIA storage miss despite record regional spot prices, with the prompt month settling at $2.880.
