June natural gas is set to open 5 cents lower Friday morning at $4.42 as fundamentals traders see the market as range-bound and technical traders suggest a retest of Thursday’s lows before moving higher. Overnight oil markets posted nominal gains.
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East Declines Headline Mixed Trading; Futures Ease
Physical gas for weekend and Monday delivery continued the trend of lower prices in Friday’s trading. Mild weather in the Northeast prompted double-digit declines, but prices in the Midwest and Midcontinent moved less drastically.
Weekly NatGas Cash Losses Pile Up As No Point Left Unscathed
Red ink spilled far and wide in weekly physical natural gas trading as the low-demand characteristics tied to the shoulder season were more than evident. All actively traded points followed byNGIshowed losses ranging from just over a dime to as much as 90 cents. For the week ended May 16 theNGIWeekly Spot Gas Average nationally fell 28 cents to $4.27.
Expected Plump EIA Stats Have Bulls On Edge; June Seen 2 Cents Lower
June natural gas is set to open 2 cents lower Thursday morning at $4.35 on the eve of what is expected to be the first storage build past the century mark of the new injection season. Overnight oil markets were mixed.
Futures Shoot Higher On ‘Reclassified’ Storage Data
Natural gas futures plunged then rallied following the release of government storage figures showing an increase in inventories that was greater than what traders had been expecting.
Physical Gas Nets Broad Decline; Futures Streak Higher on ‘Reclassified’ EIA Data
Spot gas for Friday delivery continued to work lower in Thursday’s trading as mild weather and a soft power environment pressured prices. Traders also made sure they got their deals done ahead of the release of Energy Information Administration (EIA) storage data.
Bears Take A Breather; June Called 3 Cents Higher
June natural gas is expected to open 3 cents higher Wednesday morning at $4.39 as traders mull a wide range of injection estimates for Thursday’s storage report and the market stages a partial recovery from five straight days of selling. Overnight oil markets rose.
California Market Slips Lower Despite Oppressive Heat; Futures Steady
Physical natural gas for delivery Thursday drifted lower in Wednesday’s activity, with most points outside the Northeast trading with a 5-cent range of unchanged. In New England, a rise in forecast temperatures, combined with pipeline constraints, was enough to motivate buyers, but in the Mid-Atlantic mostly normal temperature forecasts worked to soften next-day prices.
Traders Mulling New Storage Dynamic; June Seen 2 Cents Higher
June natural gas is expected to open 2 cents higher Tuesday morning at $4.45 as traders sense a slight oversold condition and weigh the prospects for a more active storage refill. Overnight oil markets rose.
Packed Pipes Prompt Broadly Lower Quotes; Futures Make It Five Straight Losses
Physical gas for Wednesday delivery weakened in Tuesday trading with eastern points taking hits of 25 cents or more. Only a few scattered points managed to trade in positive territory, and for the most part, locations were down by anywhere from a couple of pennies to a dime or more. On average the market was off nearly a dime.