For just a four-day trading week there was enough activity to keep traders busy well into October. TheNGIWeekly Spot Gas Average gave up the prior week’s 14-cent gain to $2.77 and slipped 16 cents to $2.61 for the week ended Sept. 28, but things got really crazy early in the week when first-ever negative pricing was observed at congested Canadian points.
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Traders Eye Buying Opportunity; November Called Flat
November natural gas is set to open unchanged at $3.02 Friday morning as weather forecasts can only muster nominal changes in the near-term outlook. Overnight oil markets eased.
NatGas Cash Sees Five-Cent Loss; Futures Ease A Penny
Physical natural gas in trading on Friday for Sunday and Monday delivery followed in Thursday’s footsteps and put in another decline. Outside of a few points in East Texas and the Northeast, losses from a nickel to a dime or more were common, and weakness in Texas, Louisiana, Appalachia, and the Southeast couldn’t overcome localized double-digit strength in the Northeast. The NGI National Spot Gas Average skidded 5 cents to $2.41.
NatGas Cash Tumbles On Forecasts Of Declining Energy Usage; November Loses 4 Cents Of Its Own
Both the physical market and futures took it on the chin in Thursday’s trading as forecast drops in eastern energy requirements pulled the plug on market points from New England deep into Appalachia.
Bullish NatGas Storage Figures Draw Muted Response
November futures inched higher Thursday following a report by the Energy Information Administration (EIA) showing a storage injection for the week ended Sept. 22 that was less than what the market was expecting. The EIA reported a storage injection of 58 Bcf, about 8 Bcf less than consensus estimates.
Supportive Storage Stats Expected, Yet November Seen A Penny Lower
November natural gas is expected to open a penny lower Thursday morning at $3.05 as traders mull storage figures that are expected to narrow the long term storage surplus. Overnight oil markets were mixed.
Physical NatGas Slumps, But October Futures Expire On A Firm Note
Physical natural gas for Thursday delivery declined in Wednesday trading as gains in Texas and Louisiana were unable to overcome weakness in the Midwest, Midcontinent, Rockies, and double and triple-digit declines in the Northeast. The NGI National Spot Gas Average was down 3 cents to $2.62.
Short Covering Expected To Lift Expiring October Contract
The expiring October natural gas contract is set to open 2 cents higher Wednesday morning at $2.94 as traders factor in still warmer near-term temperatures and likely expiration day short-covering. Overnight oil markets were mixed.
Lower 48 NatGas Cash Weak, But Canadian Prices Go Negative; October Drifts Lower
Neither the physical or futures natural gas markets could gain much traction in Tuesday’s trading, and soft pricing in the Midcontinent, Midwest, California, and the Southeast of a few pennies to a nickel lower were trumped by double-digit declines in Appalachia and the Northeast. The NGI National Spot Gas Average fell 6 cents to $2.65.
Weather Models Still Warming; October Called 2 Cents Higher
October natural gas is expected to open 2 cents higher Tuesday morning at $2.95 as overnight weather models warmed. Oil markets overnight fell.