Cash market quotes for weekend and Monday gas swan-dived 17 cents Friday as traders looked forward to Thanksgiving week and forecasts of benign weather conditions in eastern markets.
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California Governor to Examine Fracking More Closely
California Gov. Jerry Brown said last Friday that he plans to take a closer look at the oil/gas industry’s use of hydraulic fracturing (fracking) in the state, speaking at a renewable energy conference at the University of California, Santa Barbara, and to news media afterwards.
Cash Market Weaker; Nearly All Points Drop
Weather load is getting more benign in general, but the South is starting to heat up.
Weather Trends, Nymex Sock It to Cash Quotes Again
The cash market rang up double-digit losses across the board Tuesday. Moderating weather trends in the South and West, fairly benign early-December conditions in the Northeast, and a 61.6-cent futures plunge the day before kept prices in free-fall.
Prices Predictably Much Softer for Holiday Weekend
A long weekend following a bearish storage report and related screen dip, along with benign weather scenarios in nearly all markets, had the predictable effect on cash numbers Friday: double-digit declines in nearly all cases. Although a few scattered points contained their losses to a little less than a dime, a large majority fell 15 cents or more, led by plunges of 30 cents-plus in the Rockies/Pacific Northwest and nearly a dollar in the San Juan Basin.
Prospects of Halting Price Dive Appear Slim to None
The rout was on Tuesday in the cash market. Buffeted by a fairlybenign weather outlook, both near-term and for the transitionperiod into February, and a plunging screen, prices fell betweenabout 50 cents and a dollar at almost every point. Malin’s declineof about 15 cents spotlighted it as relatively firmer than the restof a very weak market.