Market Watch

Bulls wrested control of the October gas contract Tuesday, pulling out of an early morning dive into the low $4.20s to end the session up 7.2¢ at $4.377 per million Btu. But with peak summer cooling demand set to wane and massive demand-shaving power outages persisting in the wake of Hurricane Ida, it will become more difficult to hold prices aloft. However, how hard they could fall is debatable given market jitters over a cold winter scenario. The prompt month traded in a $4.215-$4.417 range. The 12-month strip rose 5.3¢ to $3.917; the 2022 calendar strip was up 4.6¢ to $3.693 (Futures contracts). * * * El Paso - South Mainline saw the most significant price move of the day, falling $1.13 to $6.38. This compared to benchmark Henry Hub cash prices that were up 3¢ at $4.24. In the Northeast, Transco zone 6 New York averaged $3.85, while Boston-area Algonquin declined 17¢ to average $3.93. In West Texas, cash prices at the Permian's Waha Hub fell 3¢ to average $4.05. Meanwhile, Rockies leader Kern/Opal rose 13¢ to $4.38, SoCal Citygate declined 64¢ to average $6.24 and Northwest Sumas gained 10¢ to average $4.35. In Canada, Alberta benchmark Aeco rose 5¢ to $2.76 (Daily spot prices). * * * WTI October crude fell 71¢ Tuesday to $68.50/bbl. Oil prices retreated by about 1% in the aftermath of Hurricane Ida as traders fretted over a potential supply glut in the remaining four months of the year.