Rockies Price and Fundamentals

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

Rockies basis pricing has continued to slide as robust production outpaces demand. Regional inventory levels for the week ending January 9, 2026 stand at 251 Bcf, a new five-year high for the same corresponding week. Production is also at a five-year seasonal high consistently maintaining above 8.2 Bcf/d. Demand has been seasonally low, with November 1, 2025-January 15, 2026 averaging 500 MMCf/d less than last year over the same period.

January 16: The selloff in the prompt month contract has continued as the Feb26 CIG basis price has fallen to -$0.950 from +$0.220 on October 31. There has been a bit more buying pressure in Summer26, helping keep price action slightly more stable. The Summer26 contract is down to only -$1.045 from -$0.8225 on October 31. It's a very similar story at NWP Rockies as the Feb26 contract price has fallen to -$0.935 from +$0.430 on October 31. Summer26 NWP Rockies basis is down to -$1.0125.

December 12: Rocky Mountain basis pricing has been under consistent selling pressure for the past month. Front month CIG basis (Jan26) has fallen from $0.385 as of the close on November 12 to -$0.320 intraday on Friday December 12. Similarly, Jan 26 NWP Rockies basis has sold off from $0.7775 as of the close on November 12 to -$0.185 intraday Friday December 12. Surprisingly, Summer 26 (Apr26-Oct26) hasnt been as negatively affected as the front month tenors or Winter 26/27 (Nov26-Mar27).

November 17: Prompt month pricing looks much stronger from the start of the month, but this is likely due to the contract rolling to Dec25 rather than a structural shift in underlying fundamentals. Since its first day trading as the prompt contract (November 3) the Dec25 CIG basis price has risen to $0.1145 intraday November 17 from $0.03. The contract hit as high as $0.255 on November 14 following six days of buying. Basis pricing at NWP Rockies has fallen since the start of the month with the Dec25 basis swap down to $0.380 intraday November 17 from $0.4795 at the open on November 3. The Summer26 contract for both CIG basis and NWP Rockies basis have come under selling pressure the past few trading days leading to price declines of roughly $0.03 each.

October 20: The November CIG basis price continues to see volatility as the contract trades back near its monthly low. There have been major swings in price over the past month as heavy selling pressure gave way to a string of strong buys. However, sellers have once again returned, pushing price back down to -$0.685 intraday on October 20. The trading pattern seen in the prompt month contract has also carried into 2026 as both the Winter 25/26 and Summer 26 strips have followed the same pattern. The Summer 26 strip is currently trading -$0.8495 intraday on October 20, down $0.11 from a month ago. NWP Rockies basis continues to hold a slight premium to CIG with the November contract trading down to -$0.430 and Summer 26 down to -$0.680.

October 2: Rockies basis pricing has come under heavy selling pressure the past seven trading days. The newly prompt November CIG contract is down 55%, falling from -$0.4175 at the open on September 24 to -$0.65 intraday October 2. Over the same period, NWP Rockies basis pricing for November is down from -$0.085 to -$0.4115. Falling basis pricing is not constrained just to the prompt month as Winter 25/26 and Summer 26 are down across both CIG and NWP Rockies. 

September 12: Regional basis pricing has been stable for the past month as higher demand has matched increased supply. As a result, regional storage levels have only increased 4 Bcf since the first full week of August. The Oct25 CIG basis contract has risen $0.246 since August 1 to trade -$0.5835 intraday on September 12. Over the same period the Oct25 NWP Rockies basis contract is up $0.28 to trade -$0.41 intraday on September 12. Forward strips, Nov25-Mar26 (Winter) and Apr26-Oct26 (Summer), have been relatively stable following heavy selling on August 5 and 6. Basis pricing at CIG is currently trading -$0.055 for Winter 25/26 and -$0.75 for Summer26. NWP Rockies basis is trading $0.38 during Winter 25/26 and -$0.53 for Summer26.

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 late 2025 and early 2026.

Major Pipeline Corridors Out of The Rockies

Gas Pipeline Flows

Gas Pipeline Projects

REX/Cheyenne Connector Enhancement  In-service date: 2Q28 Capacity: 0.25 Bcf/d

REX/Cheyenne Connector Enhancement - Rockies Express, Cheyenne Connector and East Cheyenne Gas Storage jointly filed an application to FERC requesting authorization for Rex to lease 250,000 Dt/d capacity on Cheyenne Connector and build a new 153 mile 24" pipeline to Colorado Springs. The application submitted on August 15 is the latest in a series of announcements by Tallgrass to enhance its ability to meet local demand in the Rockies.