Bears

November futures eased in light trading Monday as traders saw the day’s activity as insufficient to attract the attention of either bulls or bears. At the close November had fallen 2.5 cents to $3.604 and December had shuffled lower by 3.2 cents to $3.794. December crude oil rocketed higher in concert with equity market strength, adding $3.87 to $91.27/bbl.

July natural gas underwent a double-digit drubbing Thursday following a government inventory report showing greater-than-expected additions to inventories. Traders were surprised by the 98 Bcf addition reported by the Energy Information Administration, and prices promptly fell as expectations were for a smaller build. At the close July was 12.4 cents lower at $4.193 and August had dropped 13.3 cents to $4.217. July crude oil cascaded lower, giving up $4.39 to $91.02/bbl.

July futures recovered from an opening loss but still couldn’t manage to make it into positive territory Wednesday. Bulls and bears seem almost evenly divided, but short-term traders did note a return of commercial buying interest. At the close July had eased 0.4 cent to $4.577 and August fell 0.2 cent to $4.611. July crude oil tumbled $4.56 to $94.81/bbl.

“Better late than never” might have been the mantra of natural gas futures bears on Wednesday as the February contract finally corrected Monday’s 24.5-cent rally. Riding updated forecasts that show temperatures might not be as cold as previously expected in the coming weeks, the prompt-month contract recorded a $4.447 low on Wednesday before closing the regular session at $4.473, down 19.6 cents from Tuesday’s finish.

Natural gas futures bears were still very much in the driver’s seat after the November futures contract on Friday recorded the fourth new low for the downtrend, just in the past week. The front-month contract recorded a low of $3.290 before closing the regular session at $3.332, down 3.6 cents from Thursday and 20.3 cents lower than the previous week’s finish.

Natural gas futures bears were stymied for a second straight day Wednesday as April natural gas failed to dredge new territory. After putting in a low of $4.680, the prompt-month contract finished the regular session at $4.757, up 4.9 cents from Tuesday’s close.

Natural gas futures bears were stymied for a second straight day Wednesday as April natural gas failed to dredge new territory. After putting in a low of $4.680, the prompt-month contract finished the regular session at $4.757, up 4.9 cents from Tuesday’s close.

Natural gas futures bears took the day off as the April contract traded in a slim dime range before closing out the regular session at $4.708, up 2.9 cents from Monday’s finish. However, with the winter finishing up its long run, traders don’t see too many technical or fundamental factors standing in the way of further declines.

Natural gas futures bears took the day off as the April contract traded in a slim dime range before closing out the regular session at $4.708, up 2.9 cents from Monday’s finish. However, with the winter finishing up its long run, traders don’t see too many technical or fundamental factors standing in the way of further declines.