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Northeast US spot natural gas prices fell to all-time record lows on Nov. 6 as warmer-than-normal temperatures and strong supply weighed on the market.
Algonquin city-gates and Transco Zone 6 NY both hit record lows before rebounding slightly over Nov. 9-11.
Southeast and Southwest prices were supported by strong LNG export demand.
Weak regional cash prices and record-low winter basis signal soft near-term US gas demand, which limits upside for natural gas-linked feed and fertilizer costs. The rebound suggests the weakness is weather-driven and may not persist.
spglobal.comKelsey Hallahan, Arsalan Syed, Veda Chowdhury, Courtney LoveNov 12, 2020After 104 past bearish weather events, Natural Gas moved a median -7.8% over 5 sessions (22% higher; middle half -14.8% to -0.8%), and -3.3% 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.
