New York — The GIA North American natural gas spot price jumped 8.5 cents week on week, with pricing climbing in most regions.
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The GIA North America spot price averaged $1.625/MMBtu over the past five trading sessions spanning from July 27 through July 31, an 8.5-cent increase from the previous week's average of $1.54/MMBtu.
The climb in pricing stems from increases from most regions, especially the West, with the GIA West natural gas spot price averaging $2.00/MMBtu throughout the week, a 28-cent increase from the $1.72/MMBtu averaged July 20 through July 24.
GIA Midwest experienced a 10-cent ascent week-on-week, with the spot price averaging $1.68/MMBtu.
One area not seeing increases was the South region, with low Waha pricing weighing down the GIA South price to just $0.90/MMBtu July 31, and averaging $1.36/MMBtu over the July 27 through July 31 trading session, a 10.5-cent decline week on week.
Looking ahead, the most recent eight- to 14-day weather outlook from the National Weather Service calls for a likelihood of warmer-than-average temperatures for parts of the US, including the Northeast, which could support power demand in the region.
S&P Global Platts Analytics projects total US demand to average 76.2 Bcf/d over the next 14 days, a dip from the 76.8 Bcf/d averaged throughout July.