After checking sideways for much of the morning trading session, the natural gas futures market turned lower Tuesday afternoon as traders took profits on warmer weather forecasts and uncertainty surrounding this week’s release of inventory data.
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Futures Move Sideways as Traders Rehash Storage and Weather
After checking both above and below last Friday’s trading range, the natural gas futures market snapped back to unchanged late in the session Monday as neither bull nor bear could muster enough support for their price moves. The March contract finished at $5.349, down 0.5 cents for the session and in the bottom half of its 24-cent daily trading range. By comparison, the out months continued to buck the trend with several summer 2004 months posting 5- and 6-cent gains for the day.
Supportive Storage Data Spark Rally; Bulls Rear Horns Again
After checking lower in the moments following the 10:30 a.m. ET release of fresh storage data (70 Bcf injection), the natural gas futures market worked its way higher late Thursday morning and afternoon as buyers sided with the seasonal tendency for prices to climb during the month of September. As it turns out, that buying was enough to withstand two distinct selling surges Thursday morning as technical traders attempted to induce a move below key support levels at $4.55 and $4.44. October finished the session at $4.81, up 11.6 cents for the session.
Futures Rebound as Storage Data Lacks Bearish Punch
After checking lower in the moments following the news that 93 Bcf was injected into storage last week, the natural gas futures rebounded Wednesday as scale-down and technical buying propelled the market back above the $5.00 mark. At $5.05, the August contract closed 11.6 cents higher for the session, and just a few ticks below its $5.075 high on the day.
El Paso Reaches 40% Mark in 2003 Divestiture Program
Checking off three more asset divestitures last week, El Paso Corp. announced it has completed or announced more than $1.35 billion in sales so far this year, approximately 40% of the company’s recently expanded asset sales goal of $3.4 billion for calendar year 2003.
El Paso Reaches 40% Mark in 2003 Divestiture Program
Checking off two more asset divestitures Monday, El Paso Corp. announced it has completed or announced $1.35 billion in sales so far this year, approximately 40% of the company’s recently expanded asset sales goal of $3.4 billion for calendar year 2003.
Late Selling Trims Profits, But Not Before Another Running of the Bulls
After opening unchanged and checking sideways for the first hour of trading Friday, natural gas futures rocketed higher between 11 a.m and 12:40 p.m. EST as sellers backed away from the market and buyers became more aggressive.
Futures Wobble, But Don’t Fall Down
After checking higher to notch a new, 16-month high for the second straight session, natural gas futures shuffled lower in two distinct surges of commercial selling Tuesday afternoon. At $4.247, the November contract closed nearly a dime off its $4.34 high and 5.6 cents lower for the session.
‘Too Little, Too Late’ For Storage Bulls Wednesday
After opening at Tuesday’s low of $2.23 and quickly checking down into the teens, the natural gas futures market rebounded late in the session Wednesday on the news that the market withdrew a whopping 190 Bcf from underground storage facilities last week. However, the 30-minute rally was not enough to take back four hours of selling pressure, and as a result the February contract finished with a 5.3-cent loss at $2.228. The out months followed suit, propelling the 12-month strip down to $2.541, a 4.4-cent loss for the session.
Low Storage Fill Fails to Elicit Typical Buying Frenzy
After checking higher for much of the session Wednesday, natural gas futures moved back down to near unchanged, despite the release of a lower-than-expected storage injection figure. Buyers propelled the December contract back above the psychologically important $3.00 level just as the report was released. However, the advance failed to retest Monday’s $3.08 high, and that was a sign of weakness to traders. The December contract sifted lower from that point, closing with a one-cent loss at $2.87.