June natural gas is set to open 4 cents lower Monday morning at $4.49 as traders discount most concerns that timely storage refill will be a significant problem. Overnight oil markets rose.
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Spot Natural Gas Swings Widely on Weather; Futures Slide Again
Physical natural gas traded Monday for Tuesday delivery was widely mixed with prices swinging as much as 25 cents above or below unchanged. New England points suffered the indignity of having temperatures swing from summer-like conditions to well below normal within the space of 24 hours, and Chicago also saw a 15 degree drop from “summer” to normal within a day’s time period as well.
Bulls Mulling Next Move; June Called Flat
June natural gas is expected to open unchanged Friday morning at $4.57 as Thursday’s decline reset a number of trading parameters and upward progression is likely to depend on weather assistance. Overnight oil markets rose.
Cash Points Plummet; Futures Bulls Face Monday Test
Physical gas for weekend and Monday delivery swan-dived in Friday’s trading as traders saw little incentive to purchase gas for what forecasters were calling mild weekend weather. Marcellus points took the hardest fall, aided by the well-known supply glut in the region, but New England, California, and the Midwest were right behind.
Storage, Refill Optimists Gain Upper Hand in Weekly Trading
Buyers seeking to replenish thin working gas inventories got something of a break for the week ended May 9. Nearly all market points recorded losses and the NGI National Weekly Spot Gas Average finished 8 cents lower at $4.55. A slightly bearish inventory report may augur a changed storage/refill outlook.
Long Term Average Build In Play; June Seen 2 Cents Lower
June natural gas is set to open 2 cents lower Thursday morning at $4.72 as traders hone their short-term trading algorithms ahead of a government storage report expected to show an increase about inline with the five-year average. Overnight oil markets were lower.
Futures Spiral Lower Following Hefty Storage Stats
Natural gas for delivery on Friday fell hard and often in Thursday’s physical trading as declines of over a quarter at Northeast points paced the trek lower. Futures bulls had to put up with a storage report showing a 74 Bcf build, just a couple of Bcf higher than expectations, but that was enough to put quotes in a free fall. At the close, June had fallen 16.8 cents to $4.572 and July was down 17.1 cents to $4.583. June crude oil skidded 51 cents to $100.26/bbl.
Storage, Weather Matching Expected High Production; June Called Flat
June natural gas is expected to open unchanged Wednesday morning at $4.80 as traders balance mildly supportive weather outlooks with anticipated high production. Overnight oil markets were mixed.
Futures Slip Ahead Of Fresh Storage Stats; Physical Natgas Trade is Mixed
Physical natural gas for Thursday delivery moved within a few pennies of unchanged at most points in Wednesday’s trading. Points in the Midwest, Midcontinent and Rockies were down from a couple of pennies to about a nickel, while the rest of the country was flat to higher, by approximately the same count.
Weather Seen Trumping Storage Refill; June Adds 11 Cents
Physical natural gas for Wednesday delivery fell nominally in Tuesday’s trading. Broad, though modest, gains in the Gulf Coast, California, and Great Lakes were unable to offset cascading quotes in the Northeast, Appalachia and Marcellus. Bigger picture, some storage operators expressed concerns regarding the rate of refill to date.