Physical gas for next-day delivery fell hard and fell often and didn’t need any help from the stricken futures market as most traders made a concerted effort to get their deals done ahead of the morning Energy Information Administration (EIA) storage report.
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Cool Weather Continuing, Yet August Called a Penny Higher
August natural gas is set to open a penny higher Wednesday morning at $4.11 as traders sense that fuel-switching may ultimately provide market support. Weather forecasts remain tempered. Overnight oil markets rose.
Next-Day Gas Meanders Lower, While Futures Rise Ahead Of Storage Report
Physical natural gas for Thursday delivery continued on its downward glide path Wednesday as any kind of supportive weather patterns failed to emerge, with cooling requirements nationally over the next two weeks expected to be below last year and below normal overall.
Major Power Grids to See Moderate Conditions; August Called A Penny Lower
August natural gas is expected to open a penny lower Tuesday morning at $4.14 as traders assess a market likely to continue within recent trading ranges prior to Thursday’s inventory report. Overnight oil markets fell.
Cash Wobbles Lower; Futures Grind to New Six-Month Low
Physical natural gas values for Wednesday delivery slipped lower, led by hefty declines at Mid-Atlantic points with major assistance from New England and the Marcellus region. Eastern power loads were forecast lower. Most points were off by a few pennies up to about a nickel, and those that did make it into the plus column did so by only a penny or two. NGI’s National Spot Gas Average fell 3 cents to $4.02.
$4 Futures In Sight; August Called 3 Cents Lower
August natural gas is expected to open 3 cents lower Monday morning at $4.12 as traders prepare for an onslaught of cooler temperatures that are expected to impact major eastern and Midwest population centers. Overnight oil markets were mixed.
Northeast Maintenance Prompts Strong Advance; Futures Hit New Low
Spot gas for Tuesday delivery gained ground in Monday’s trading as a major pipeline reported significant maintenance outages resulting in major volume reductions to Northeast markets. Next-day gas in New England surged as much as $1, and Mid-Atlantic locations were not far behind.
Traders Caution Against Picking Market Bottom; August Called A Penny Higher
August natural gas is expected to open a penny higher Friday morning at $4.13 as traders balance possible fuel switching by power generators and near-term warmth in the West and Southwest with expected large-scale cooling later next week. Overnight oil markets eased.
Physical Gas Continues Lower, But Futures ‘Bounce’
With temperatures forecast to move little from seasonal norms, purchases for weekend and Monday volumes seemed to have little appeal in Friday’s trading.
Physical Gas Grinds Lower, Futures Post Six-Month Low In Weekly Trading
Losses ruled for both physical and financial natural gas markets, with the NGI Weekly National Spot Gas Average falling 22 cents to $4.01 for the week ended July 11. All actively traded points posted losses, with the norm being a decline from 10 cents to a touch above 20 cents.