Due to some growth in heating load and modest support from the previous Friday’s 3-cent advance by November futures, cash prices were higher at a large majority of points Monday. The return of industrial demand from its typical weekend hiatus also was a positive price influence. Movement was mixed, however, as several points in the Rockies were flat to about 20 cents lower.
Advance
Articles from Advance
CFTC Seeks to Rein in Lightly Regulated Commodity Contracts
In advance of a House Agriculture subcommittee hearing last Wednesday, the Commodity Futures Trading Commission (CFTC) released a report calling on Congress to enact legislative changes giving the agency heightened oversight authority of certain lightly regulated contracts in exempt commercial markets (ECM) that perform significant price discovery for commodities in interstate commerce.
CFTC Seeks to Rein in Lightly Regulated Commodity Contracts
In advance of a House Agriculture subcommittee hearing Wednesday, the Commodity Futures Trading Commission (CFTC) released a report calling on Congress to enact legislative changes giving the agency heightened oversight authority of certain lightly regulated contracts in exempt commercial markets (ECM) that perform significant price discovery for commodities in interstate commerce.
Gains Extended at Most Points; Softness Likely Friday
The previous day’s futures advance of 16.1 cents and forecasts of continuing high temperatures in the 90s in several areas propelled Thursday’s cash market to gains at most points. Once again flat to moderately lower quotes at several points, primarily in the Rockies, kept price movement mixed.
Gains at Most Points Shrink; TS Chantal a Fizzle
Prices continued to advance at a solid majority of points Tuesday, but the gains were considerably less robust than Monday’s, suggesting that this week’s heat-inspired rally may be starting to lose steam. Mixed price movement remained in play as a few scattered points saw flat quotes or modest declines.
Bears Run for Cover; Weather, Tropical Outlook Improving for Bulls
September natural gas futures staged a stout 29.1-cent advance Monday to settle at $6.499, and for the moment all concern of bin-busting inventories and low demand have been put on the back burner. The latest government figures show that funds and managed accounts increased their short holdings by more than 20%, thus adding to the overwhelming short holdings (and number of ultimate buyers) of speculative accounts.
Most Prices Fall; Mild Firmness Evident at Some West Points
As expected, Thursday’s 17.8-cent advance by August futures was outweighed in Friday’s cash market trading by relatively mild weather outside the interior West and the loss of industrial load over a weekend. The result was falling prices at nearly all points. Flat to a little more than 20 cents higher quotes at several western points kept mixed price movement in play.
Screen, More Cooling Load Boost Nearly All Points
With a little help from a 7.4-cent advance by July futures the day before, rising cooling load in some areas was able to lift cash prices at nearly all points Wednesday. Backsliding at a couple of Gulf Coast points and the Florida citygate kept gains from extending across the board.
Sempra, ProLiance Set Open Season for Liberty Gas Storage
In advance of an expected liquefied natural gas surge, Sempra Pipelines & Storage and ProLiance Transportation and Storage LLC last week launched an open season to solicit market interest in expansion capacity at their Liberty Gas Storage LLC facility in Calcasieu Parish, LA. Bids will be taken until March 2.
Sempra, ProLiance Set Open Season for Liberty Gas Storage
In advance of an expected liquefied natural gas surge, Sempra Pipelines & Storage and ProLiance Transportation and Storage LLC Monday launched an open season to solicit market interest in expansion capacity at their Liberty Gas Storage LLC facility in Calcasieu Parish, LA. Bids will be taken until March 2.