Market Watch

Forecasts calling for even higher cooling demand pushed the September contract up 8.5¢ to close at $3.946 per million Btu. The prompt month had sunk into the low to mid-$3.80s coming out of weekend before new outlooks shot it close to $4/MMBtu. The contract traded in a $3.817-3.988 range. The 12-month strip gained 5.4¢ to $3.729. The 2022 calender strip rose 3.3¢ to $3.515 (Futures contracts). * * * El Paso - South Mainline saw the most significant price move of the day, rising $3.24 to $7.46, while its target market SoCal Citygate advanced $3.07 to average $7.60. This compared to benchmark Henry Hub cash prices that were up 3¢ at $3.92. In the Northeast, Transco zone 6 New York was unchanged at $3.72, while Boston-area Algonquin advanced 12¢ to average $3.77. In West Texas, cash prices at the Permian's Waha Hub fell 10¢ to average $3.59. Meanwhile, Rockies leader Kern/Opal fell 5¢ to $3.61 and Northwest Sumas lost 5¢ to average $3.47. In Canada, Alberta benchmark Aeco fell 41¢ to $1.83 (Daily spot prices). * * * Oil futures plunged Monday but held above key support levels as the market digested economic data from China and economic fallout from the Covid-19 pandemic. September West Texas Intermediate closed $1.15 lower at $67.29/bbl.