NYMEX Gas Jumps 9.75% for Week on WV Pipeline Leak, Storage

The front-month October NYMEX natural gas futures contract settled Friday (Sept. 25) at $3.196 per MMBtu, up 28.4 cents, or 9.75%, for the week. That's a nice week to be long gas. Most of the fireworks came on Thursday, when a leak on TC Energy's Mountaineer XPress (MXP) pipeline in West Virginia knocked roughly 1.8 Bcf/d of Appalachian takeaway offline and sent futures up 9.06% in a single day, the biggest one-day gain since January (see WV Pipeline Leak Knocks 1.8 Bcf/d Offline, Gas Futures Jump 9.1%). Traders gave back 10.1 cents on Friday after Columbia Gas Transmission said it had found the leak and expected to fix it over the weekend. Even so, the contract ended the week at its highest Friday close since early July.

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