Save for later Print Download Share LinkedIn Twitter October gas futures saw a remarkable surge Wednesday that propelled the contract 23.8¢ higher to end the session at $4.615 per million Btu. The contract hit an intraday high of $4.706 as traders bought into the possibility that winter undersupply could spell even higher pricers in the weeks ahead. That narrative is being reinforced by expectations for back-to-back storage injections well under seasonal norms (Briefs). The day low was $4.378. The 12-month strip rose 14.9¢ to $4.066; the 2022 calendar strip jumped 10.5¢ to $3.798 (Futures contracts). * * * Constraints on the Nova Gas Transmission Ltd. system in Alberta caused Westcoast Station 2 to see the most significant price move of the day, falling 89¢ to $1.80. Alberta benchmark Aeco fell 91¢ to $1.85. This compared to benchmark Henry Hub cash prices that were up 21¢ at $4.46. In the Northeast, Boston-area Algonquin advanced 5¢ to average $3.97. In West Texas, cash prices at the Permian's Waha Hub rose 27¢ to average $4.32. Meanwhile, Rockies leader Kern/Opal rose 2¢ to $4.40, SoCal Citygate declined 90¢ to average $5.34 and Northwest Sumas gained 5¢ to average $4.40 (Daily spot prices). * * * October WTI crude rose 9¢ to $68.59/bbl. Oil prices ended Wednesday largely flat after spending a day juggling reports about growing Opec-plus supply, an increase in US crude oil output and the aftermath of Hurricane Ida. The US Energy Information Administration reported that US crude oil inventories declined by 7.2 million barrels last week. Gasoline stocks grew by 1.3 million barrels.
