Bullish

October natural gas is set to open 5 cents higher Wednesday morning at $2.96 as traders discount moderating weather patterns and focus on a re-emergent bullish technical environment. Overnight oil markets eased.

Much of the shortened holiday week was characterized by only modest shifts in natural gas forwards markets, but the action coming back from the extended holiday weekend was enough to send prices down an average of 23.5 cents between July 1 and July 6, according to NGI’s Forward Look.

Much of the shortened holiday week was characterized by only modest shifts in natural gas forwards markets, but the action coming back from the extended holiday weekend was enough to send prices down an average of 23.5 cents between July 1 and July 6, according to NGI’s Forward Look.

Natural gas futures bounded higher Thursday morning after the Energy Information Administration (EIA) reported a storage injection that was far less than what traders were expecting.

Natural gas prompt-month forward prices posted double-digit gains between May 27 and June 2 as strong cash, bullish storage and supportive weather amped up the market, according to NGI Forward Look.

Natural gas futures rose and then fell Thursday morning after the Energy Information Administration (EIA) reported a storage injection that was somewhat less than what traders were expecting.

Enthusiasm among producers for an industry rebound has faded for 2016, particularly on the pricing side, but they appear “surprisingly” bullish about the natural gas price outlook for 2017, which may be in part because only 30 rigs or so are in operation in the gassy Marcellus Shale, analysts said Monday.

Enthusiasm among producers for an industry rebound has faded for 2016, particularly on the pricing side, but they appear “surprisingly” bullish about the natural gas price outlook for 2017, which may be in part because only 30 rigs or so are in operation in the gassy Marcellus Shale, analysts said Monday.

Natural gas futures were able to work higher but unable to take out session highs Thursday morning after the Energy Information Administration (EIA) reported a storage draw that was greater than what the market was expecting.