Easing summer heat inspires selling in bulk of basis markets this week

摘要

The anticipated end of sweltering summer heat dominated most forward basis gas markets this week, with sellers coming out in droves, particularly in the West. With both local and Midwest demand expected to plunge as the heat is poised to abate, Rocky Mountain markets were hard hit as September full values plunged below the $3/MMBtu mark. Northwest Pipeline Rockies September plunged 30 cents to minus $1.3575/MMBtu and October was down 27 cents to minus $1.335/MMBtu. The loss in demand spread to Canada as well, with Northwest Pipeline at Sumas, Washington, falling 16 cents to minus $1.175/MMBtu.