August Gas Teeters Below $3/MMBtu

摘要

The August gas futures contract entered the weekend below $3 per million Btu for a second consecutive week, although it did manage to rally a few pennies on Friday and post a 4.1% weekly gain. The slight jog higher was attributed to the prospect of warmer temperatures over a large portion of the country for the next few weeks. As the market moves toward the hottest weeks of summer, weather-related cash price fluctuations are becoming more pronounced. Transco Zone 6 New York jumped 74￠ Monday as Big Apple temps climbed into the 90s and held above $3/MMBtu midweek. But a moderating outlook undercut price strength, sending New York prices into the $2.30s by Thursday. Benchmark Henry Hub prices were far less volatile, holding in the $2.90s for much of the week.