Rockies Price and Fundamentals

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Commentary Outlook & Notes Market-Relevant Events Infrastructure Supply Chart Pack

November, the first month of the winter strip, has become the prompt month contract in natural gas. Regional natural gas storage levels in the Rockies ended October lower than the previous two years and are only slightly above the five-year average. The slower pace of injections this summer has helped basis pricing recover following major declines last winter. There continues to be volatility in production as pipeline outages remain ongoing. Looking forward, how El Nino affects winter weather will be the main driver of regional basis pricing.

October 9: Cash pricing in the Rockies is strong compared to last year, averaging nearly $2.70 at Opal and $2.41 at Cheyenne for the first eight days of October. These are well above the same time last year and some of the strongest daily prices seen this summer. However, forward looking first of month basis pricing has weakened this week across the basin on significant selling pressure. The front month Nov26 and full Winter ‘26/’27 NWP Rockies basis swaps were both down double digits this week to -$0.465 and $0.07 respectively. The Summer27 strip was also down significantly, losing 8.5c to -$0.545 as of Friday. It was similar for CIG Rockies basis with Nov26 down to -$0.735, Winter ‘26/’27 down 9.0c to -$0.262 and Summer27 down 5.0c to -$0.760.

October 2: This week’s price action reversed last week’s losses. The newly prompt Nov26 CIG basis price is up 7c this week to -$0.570 intraday Friday, regaining almost all the losses seen last week. The same is true for NWP Rockies basis with the November contract back to -$0.25. Positive price action was throughout the next two seasons as well on an active trading week. CIG basis for Winter ‘26/’27 gained over 6c to -$0.17, and Summer 27 gained over 8c to -$0.682. Over at NWP Rockies, Winter ‘26/’27 gained almost 10c to $0.2575 while Summer 27 gained 6.5c to -$0.475.

September 25: This week's Rockies basis move was very much front weighted. Prompt October CIG basis widened $0.1675 to −$0.810 intraday Friday, and prompt October NWP Rockies basis widened $0.1475 to −$0.625. However, the Winter ‘26/’27 strips fell less than 5c week-over-week and next Summer even less.

September 18: Rockies basis softened modestly at the front of the curve this week. CIG Rockies basis widened 6.25¢ to −$0.615 (intraday Friday) for October delivery while NWP Rockies basis widened 9.5c to −$0.460 on consistent selling pressure throughout the week. The Winter '26/'27 strip on both curves barely moved (under 1c), with the Summer ’27 strips rising a couple pennies across as CIG Rockies strengthened to -$0.742 and NWP Rockies strengthened to -$0.515.

September 11: Consistent selling throughout the NWP Rockies and CIG Rockies basis curves meant prices dropped week-over-week. The next three seasons for CIG Rockies basis prices averaged a weekly decline of roughly 3c. Winter ‘26/’27 fell 4c to -$0.1827, Summer ’27 fell 2c to -$0.755 and Winter ‘27/’28 fell 2.7c to -$0.112. It was similar at NWP Rockies where Winter ‘26/’27 fell 8.4c to $0.21, Summer ’27 fell 3.2c to -$0.54 and Winter ‘27/’28 fell 6.5c to $0.405. San Juan basis saw low activity and as a result the forward curve was flat week-over-week.

September 4: Basis across the Rockies improved broadly this week. The newly prompt October CIG Rockies basis contract rose 7.5c week-over-week to -$0.540 intraday Friday. Meanwhile, NWP Rockies basis added 11.75c to -$0.280 intraday Friday. CIG's Winter '26/'27 and Summer '27 strips weakened 0.5c and 0.8c, while NWP Rockies basis added 1.55c in the winter strip and held roughly flat next summer.

August 28: It was a mixed week across the Rockies. Prompt CIG and San Juan basis were consistently sold this week leading to Sept26 pricing to fall 18.8c and 31.5c respectively. However, prompt NWP Rockies pricing held flat at -$0.125. Forward curves saw a small deterioration in price across the basin, but the major moves were constrained to the balance of summer.

August 21: Last week's move in Rockies basis pricing was concentrated on the western side of the region. Prompt September NWP Rockies basis added 15.8c to -$0.120, with SOCAL Border up 20.8c and PG&E Citygate up 26.3c, while CIG basis rose just 2.0c to -$0.440. Forward looking seasonal prices followed suit with slight increases across the entire region but more pronounced at NWP Rockies. Winter ‘26/’27 and Summer 27 remain at their highest prices in at least six months for both CIG basis and NWP Rockies basis.

August 14: Cash prices across the Rockies remain at similar price levels to a year ago. Cash price at OPAL has traded above $2.50 for the past week and only a few pennies lower than the weekly average from the year prior. Cheyenne pricing has been a touch weaker, with cash trading around $2.42 this week. We have also seen strengthening in forward looking basis pricing across the region. Strong buying at both CIG and NWP Rockies have increased Winter 26/27 and Summer 27 basis prices. Winter 26/27 CIG basis pricing has rallied to -$0.09 while Summer 27 pricing is up to -$0.680. However, these levels have been recent areas of resistance over the past three months. NWP Rockies basis pricing improved to +$0.215 for Winter 26/27 and -$0.50 for Summer 27. While the Winter strip has also moved up to recent resistance levels, Summer 27 NWP Rockies basis pricing has broken through resistance and is at the highest price since mid-December 2025.

August 7: Basis pricing across the Rockies continues to trade sideways. The prompt September CIG basis price rose 5.5c week-over-week to -$0.525.  The move stretched throughout the forward curve with Winter 26/27 up to -$0.135 and Summer 27 up to -$0.7025. NWP Rockies basis also rallied with Summer 27 just shy of its recent six month high of -$0.520.

Price action will continue to be heavily weather driven and influenced by adjacent regions as the Rockies looks to push gas out during the summer and meet regional demand during winter. No significant changes to pipeline egress capacity are expected over the next few years. However, there will be small increases in pipeline capacity from a few pipeline expansions throughout 2026 and 2027 intrabasin.

Major Pipeline Corridors Out of The Rockies

Gas Pipeline Flows

Gas Pipeline Projects

Critical Energy Reliability Link Project  In-service date: 2Q28 Capacity: 0.15 Bcf/d

Critical Energy Reliability Link Project - Rockies Express, Cheyenne Connector and East Cheyenne Gas Storage jointly filed an application to FERC requesting authorization for Rex to build a new 153 mile 24" pipeline to Colorado Springs. The application submitted on August 15, 2025 is the latest in a series of announcements by Tallgrass to enhance its ability to meet local demand in the Rockies.