Natural gas exports, hammered by Hurricane Laura only days after reaching levels not seen since pre-Covid-19, were at the forefront of a steep decline in October forward prices during the Aug. 27-Sept. 2 period. The rest of the forward curve fared better, however, as the potential for further production decreases and stronger global demand this winter lifted prices, according to NGI’s Forward Look.
October forward prices tumbled an average 19.0 cents for the six-day period, but the winter 2020-21 strip climbed 8.0 cents on average. Summer 2021 gained an average 5.0 cents and prices for the winter 2021-22 tacked on an average 4.0 cents. “We have seen wild volatility in natural gas prices each day” over the past week, Bespoke Weather Services said. The market finds itself in a “unique situation” in which the fundamentals are bearish at the front of the curve, but still bullish winter into Calendar 21…
