spot natgas prices stalled in narrow ranges (big surprise!)
NEW YORK, Feb 17 Sluggish trading and little movement on NYMEX gave way to steady prices on Wednesday in the U.S. spot natural gas market, industry sources said.
The ongoing GasFair conference in Houston, scheduled to end on Thursday, was keeping many traders out of the market.
Milder-than-normal weather has also kept a lid on prices.
But a cold front expected to arrive in the Midwest late this week, driving temperatures back to normal or slightly below normal, may help to stimulate the currently stagnant market, sources said.
The colder weather, mixed with snow, is expected to reach the Northeast this weekend.
Spot natgas prices at Henry Hub were quoted in a narrower range at $1.78-1.80 per mmBtu. This again matched the activity on NYMEX, where the March contract wavered between $1.775 and $1.80.
In the Midcontinent, pipes like Panhandle and ANR were assessed about a penny lower at $1.70-1.74, with Chicago city gate pegged tightly at $1.80-1.81.
In the east, Appalachian deals on Columbia were reported at $1.88-1.90, while the New York city gate market was pegged at $2.00-2.04 on Transco and in the high-$1.90s on Texas Eastern.
In the West, Permian Basin gas was talked unchanged in the mid-$1.60s, while San Juan deals were reported done at $1.63-1.64.
Transwestern said maintenance is scheduled for March 9-11 on its West of Thoreau mainline, which will likely affect about 68 million cubic feet per day (mmcfd) of supply.
Withdrawal estimates for today's American Gas Association storage report ranged from 60 to 120 bcf, with most seen at 80-85 bcf. This compares with a 93 bcf draw a year ago.
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