Upper Midwest and Midcontinent prices weaken amid bearish fundamentals

摘要

US Upper Midwest and Midcontinent natural gas cash prices continuedto weaken Friday amid a receding demand outlook and ample supply.Chicago city-gates slid 24 cents to $1.74/MMBtu for flows theweekend through Monday, weakening cash basis against the HenryHub to minus 41 cents/MMBtu, a drop of 15 cents on the day.The MichCon city-gate spot price shed 29 cents to $1.69/MMBtuwhile Consumers shed 30 cents to $1.69/MMBtu.Total demand in the Upper Midwest and Midcontinent productionarea is set to average 13.6 Bcf Saturday through Monday, down nearly 2Bcf from Friday levels, according to S&P Global Platts Analytics.Demand averaged about 14.4 Bcf so far in the month in line with levelsseen during the same time last year.