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Commentary Outlook & Notes Market-Relevant Events Infrastructure Supply Chart Pack
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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.
July 31: We’ve seen pricing across the Rockies plateau over the past week. Gas daily prices at OPAL and Cheyenne are both down 3% week-over-week but trending in line with prices last year. Throughout the forward curve, prices have moved modestly over the past week. CIG basis and NWP Rockies basis through 2027 are down one to two cents while 2028 and beyond is mostly unchanged. Cal 27 CIG basis ended the week at -$0.481 while Cal 27 NWP Rockies basis ended -$0.240.
July 24: Gas daily pricing across the Rockies continues to strengthen. As of the close on Thursday, Gas Daily pricing at OPAL ($2.55) and Cheyenne ($2.47) were only 3% below last year’s levels. Forward-looking basis pricing is also continuing to strengthen from April lows. The Cal 27 CIG Rockies basis strip (-$0.46) and Cal 27 NWP Rockies basis strip (-$0.22) are both trading at the highest levels since last December.
July 17: This week saw the highest cash prices of the summer for both Cheyenne and Opal, trading above $2.45 at different points this week. Basis prices across the forward curve for NWP Rockies and CIG Rockies are also continuing to move higher. Intraday Friday, Summer 27 CIG Rockies basis is trading -$0.705, near its six-month high of -$0.675. Winter 26/27 and Winter 27/28 are also both moving higher, both within 15c of turning positive for the first time since late 2025. Summer 27 NWP Rockies basis pricing is also near its six-month high this Friday, trading -$0.5725. Both the next two winter strips are positive with Winter 26/27 up to $0.15 and Winter 27/28 trading $0.37.
July 10: Gas daily pricing across the Rockies is back near $2.00 which has been rare so far this summer. Since April 1, Opal gas daily pricing has only averaged $1.33 compared to $2.29 over the same period last year. At Cheyenne, it’s a similar story with the current season to date average price being $1.29 compared to $2.23 last year. While Gas daily pricing remains weak, first of month pricing has been strengthening throughout the forward curve since bottoming mid-April. Winter 26/27 CIG basis pricing is up to -$0.21, Summer27 is up to -$0.75 and Winter 27/28 is up to -$0.12, all near the highs seen so far in 2026. NWP Rockies basis pricing has also improved with Winter 26/27 up to $0.10, Summer 27 up to -$0.58 and Winter 27/28 is up to $0.38.
June 25: Gas daily pricing rebounded this week following a steep drop over the past weekend (6/16-6/22). Daily pricing at Cheyenne bounced back from a settle of $1.74 on 6/22 to trade $2.065 intraday June 25. At OPAL, pricing dropped to $1.84 on 6/23 but jumped back above $2.00 by 6/24. CIG basis pricing for the next two full seasons, Winter 26/27 and Summer 27 are down slightly week-over-week to -$0.30 and -$0.82 respectively. It’s a similar pattern for NWP Rockies basis with Winter 26/27 falling to -$0.04 while Summer 27 dropped to -$0.665 as of June 25.
June 12: Gas daily prices are continuing to trend higher as we head into summer with both Cheyenne ($1.65) and Opal ($1.68) near their seasonal highs as of 6/12. However, both indices are roughly a dollar lower than at this time last year. Looking forward, seasonal first-of-month basis prices have also been rising. Summer ’27 CIG Rockies basis has risen 25% from April lows to -$0.735 intraday Friday, moving back in line to where the strip priced throughout 2024 and 2025. NWP Rockies basis has also been moving higher across the forward curve with Summer ’27 up to -$0.57 as of close Thursday. The next two winter strips have both recently turned positive as well.
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For more discussion on basis price moves and the current forward curves:JUMP TO OUR OUTLOOK AND CHART PACKFor more discussion and charts, jump to our outlook and chart pack. Remember, the local market is influenced by the broader gas market. Consult our Gas Macro Outlook for more. |
Recent Market-Relevant Events
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Infrastructure Outlook |
For the time being, Bison Xpress remains unused following the April 17, 2026, FERC authorization to TC Energy to commence operations. An operational disconnect exists between TC Energy and Wyoming Interstate Company (WIC). For gas to move seamlessly from Northern Border Pipeline to Cheyenne Hub, the natural gas needs to flow through both the Bison pipeline and Fort Union Gas Gathering pipeline before ultimately ending on the Wyoming Interstate pipeline. Currently WIC is indicating Bison Pipeline is unable to deliver into Fort Union which until resolved, means no new natural gas will make its way into the Cheyenne Hub. Once operational issues are resolved, an additional 300 MMcf/d of supply will be able to flow into Cheyenne Hub, likely putting additional pressure on local pricingA lack of production growth since 2020 has meant pipeline egress capacity has not been challenged by production. Current projects are focused on intra-basin connectivity as well as pipeline inflows rather than additional outbound capacity. Looking forward, expectations are the basin will continue to have available egress out of each major corridor.
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For a discussion of production outlook:JUMP TO LOCAL SUPPLYBelow are the most market-relevant infrastructure projects that appear to be funded and going forward. The projects that offer intra-region capacity (egress) are also shown in the chart above.Note: Deeper discussion included below the map. |
Rockies Express Pipeline Switchgrass InterconnectIn-service date: No specific in-service date providedCapacity: 0.42 Bcf/d |
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Rockies Express Pipeline Swithgrass Interconnect - Rockies Express Pipeline, LLC filed a notice of request to "construct, own, operate, and maintain" a new 36-inch-diameter pipeline (Switchgrass Interconnect) between Weld County, Colorado and Laramie County, Wyoming. Specifics are scarce but it reasons the pipeline would be built in conjunction with Crusoe's Project Jade data center complex. Completion of the first set of buildings is targeted for 2027. |
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Bison Xpress - TC Energy is working to increase capacity on the Northern Border Pipeline (NBPL) system by replacing three existing compression stations. The increased capacity of 300 MMcf/d will be leased by Wyoming Interstate Company as part of its Bakken Xpress Project. In addition, the project would allow bidirectional natural gas flow on TC's Bison pipeline. |
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Bakken Xpress - Kinder Morgan's connection to the Bison Xpress project, which will provide egress south from Bison pipeline to Cheyenne via the Fort Union Gas Gathering system and Wyoming Interstate Pipeline. |
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Tallgrass Permian-to-REX Pipeline - Tallgrass Energy plans to build a 2.4 Bcf/d greenfield pipeline linking the Permian Basin to the Rockies Express Pipeline (REX), targeting a late 2028 in-service date. The project has secured anchor shipper agreements, enabling it to move forward pending regulatory and corporate approval. The pipeline will enhance access to Midwest and Plains markets via REX and Tallgrass Interstate Gas Transmission (TIGT), with optional flows westward through Ruby and Overthrust. |
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| 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. |
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Production |
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Operator Guidance
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Rig Count
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Local Demand |
Demand remains at its highest seasonal average in the past five years (through August 28, 2026). Seasonally, local consumption has averaged 1.92 Bcf/d, up nearly 50 MMcf/d compared to last year. When adding regional outflows, demand is averaging 8.18 Bcf/d so far this summer, up 214 MMcf/d compared to last year and 220 MMcf/d higher than the preceding five-year average. The gains are continuing to come from increased industrial (+36 MMcf/d) and power (+101 MMcf/d) demand compared to a year ago with Res/Com (-89 MMcf/d) demand down.Looking through the end of the decade, demand should grow modestly as datacenters begin operations across the region. However, the ramp schedule is not linear with the bulk of incremental demand projected online in 2029 and later.
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