GIA price movements vary week on week

New York — Platts ICE Gas Indices Americas contracts saw varied movement during the week, with some parts of the country experiencing a jump in demand.

According to S&P Global Platts Analytics, total US demand has averaged 86.3 Bcf/d over the past seven days, an increase from the 80.9 Bcf/d averaged the week prior, stemming from an increase in residential and commercial demand as temperatures across much of the country slid week on week.

The GIA North America contract averaged $1.40/MMBtu in the week, slightly weaker compared to last week's average of $1.416/MMBtu.

GIA prices continue to track well below year-ago levels, with the GIA North America weekly average down $1.28/MMBtu against what was seen this time last year.

Potentially contributing to the continued weakness of GIA prices compared to year ago levels are well above-average storage levels for much of the US, with national gas stocks currently sitting at an estimated 2.097 Tcf, a 71.7% surplus compared to this time 2019, US Energy Information Administration data shows.

GIA Northeast has averaged $1.44/MMBtu over the past five flow periods, up 6 cents from the previous five flow days.

Elsewhere in the US, the GIA Midwest contract has slid of late, dipping from $1.705/MMBtu to $1.442/MMBtu over the past four days.

Looking ahead, the most recent eight- to 14-day weather outlook from the National Weather Service calls for a likelihood of colder-than-average temperatures for portions of the Northeast, potentially providing some late-season heating demand to the region and support to prices.