Amounts

It was difficult to discern where the support was coming from, but most points were still rising by small amounts Tuesday. Cooling load was fairly light outside the desert Southwest and much of California, and the 20.2-cent drop Monday by October futures certainly didn’t suggest any rationale for further cash increases.

In a move that baffled some traders, prices rebounded by large amounts across the board Tuesday from the previous day’s overall softness. Since weather-based demand remained relatively meager in most areas, Monday’s prompt-month futures spike of 33.7 cents was about the only solid support that could be found for the cash price strength Tuesday.

Weak fundamentals and screen guidance drove virtually all points lower Thursday by greater amounts than Wednesday’s losses in nearly all cases, and it’s a virtual certainty that major softness will continue Friday — and very likely through next week.

Prices continued to sink at a large majority of points Tuesday, but mostly by small amounts, as overall weather fundamentals and prior-day futures guidance stayed weak for the cash market. The impending scarcity of storage injection options was another bearish influence.

A marketer’s estimate that Thursday’s increase of 19.5 cents by September futures likely would be able to lift cash prices by small amounts Friday proved to be too bullish. A few points were flat to slightly higher, but a large majority of locations continued to sink as forecasts of cooler-than-usual summer temperatures in many regions again depressed power generation demand for gas.

Mirroring the performance of the industry as a whole, XTO Energy Inc. said last week it is pulling larger amounts of gas out of the ground even as it trims the number of rigs it has in operation.

Mirroring the performance of the industry as a whole, XTO Energy Inc. said Wednesday it is pulling larger amounts of gas out of the ground even as it trims the number of rigs it has in operation.

With a major winter storm bearing down on the Northeast after dumping copious amounts of snow in the South Atlantic and Mid-Atlantic states, prices were up across the board Monday. All Northeast citygates recorded $5-plus advances, with a few skyrocketing by more than $7.

Even in the current troubled economy — and because of it — there will be historically large amounts of money and projects for energy-related programs in the Obama administration, according to Slade Gorton, a Seattle attorney and former Republican senator.