After carving out a new low for the move on Tuesday, August natural gas futures traders on Wednesday ignited a rebound that left the contract at $6.528, up 22.1 cents from Tuesday’s regular session close.
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Futures Inch Lower Wednesday; Broker Expects More to Come
Coming off of Tuesday’s 13.1-cent climb, April natural gas futures got back to the downward trend Wednesday as it plumbed new lows for the move. After carving out a new low at $6.450 in morning trade, the prompt month rebounded in the afternoon to settle at $6.648, down 3 cents on the day.
Futures Continue to Plummet, Down $4.758 from High
The trap door remained wide open Tuesday as January natural gas continued to plummet, carving out a low of $10.960 in afternoon trade before closing at $11.022, down $1.261 for the day. The move brings the contract’s three-day decline to $3.249.
XTO Sees 21-23% Output Growth With Barnett Shale Acquisition
XTO Energy Inc., the fast-growing independent that began carving a niche in the Barnett Shale of North Texas three years ago, increased its natural gas-rich production forecast this year by 3% after announcing the purchase of a neighboring producer, privately held Antero Resources Corp., for $685 million.
XTO Expects 21-23% Output Growth Including Barnett Shale Acquisition
XTO Energy Inc., the fast-growing independent that began carving a niche in the Barnett Shale of North Texas three years ago, increased its natural gas-rich production forecast this year by 3% after announcing the purchase of a neighboring producer, privately held Antero Resources Corp., for $685 million.
Despite Another Large Storage Fill, Futures Sail Higher
After wildly carving out a 15-cent trading range in the moments following the 10:30 a.m. EDT storage report (featuring a 75 Bcf injection), the natural gas futures market continued to march higher Thursday, proving that rising storage inventories are no match for the one-two combination of concerns over winter and bullish technical factors.
Strong Finish Tuesday Belies Potential for Further Futures Market Softness
After carving out a 19-cent range in the first 90 minutes of trading, the natural gas futures market moved quietly sideways Tuesday as traders deliberated over the clash between short-term bearish factors and longer-term (bullish) uncertainty. The June contract closed at $6.056, up 4.1 cents for the session, and more than 15 cents above its morning low at $5.90. At just 57,635, estimated volume Tuesday indicated a quiet futures pit with action led by local traders.
Bulls, Bears Square Off Amid Bullish Storage, Bearish Weather Outlooks
After oscillating higher, then lower and carving out a quick 13-cent trading range in 20 minutes Thursday morning, January natural gas futures finished the day with a bang as traders priced in another in a string of bullish storage reports (91 Bcf withdrawal). January finished at $4.406, up 10.8 cents for the session and just four ticks below its daily high at $4.41.
As Traders Stand Back and Watch, Futures Rest at Pivotal Level
After carving out an 8.5-cent trading range during the first 50 minutes of trading Tuesday, natural gas futures settled down and chopped lazily sideways for the remainder of the session. The October contract finished at $3.356, down 4.3 cents for the day and just above its $3.34 low. At just 72,545, estimated volume was indicative of a market that is uncertain what forces will impact the natural gas futures market on Sept. 11.
Futures Prices Ease as Traders Weigh Their Options
After carving out a wide, 57-cent trading range over the previous two sessions, natural gas futures stayed close to home Friday as many traders choose to wait on the sidelines until a clearer fundamental picture develops. The September contract finished at $3.303, down 6.4 cents for the day, but up 26.3 cents for the week.