Natural gas futures support from Friday and chilly temperatures arriving in much of the East were enough to propel the cash market to gains at all points on Monday with some points in the Midcontinent and West gaining more than a dollar, while most eastern points recorded additions of 30 to 60 cents.
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Most Prices Up as Colder Weather Still Spreading
Prices were up again at most points Tuesday as chilly temperatures had already reoccupied the Midwest and were about to do the same in the Northeast following a warming trend that had lasted into Tuesday in some sections of the East. The cash market also had modest support from the previous day’s 3.8-cent gain by February futures.
Futures Climb a Fourth Consecutive Session on Cold Concerns
As weather forecasts remained chilly, traders on Tuesday conceded weather-driven natural gas futures price momentum to the bulls as the February contract traded higher for a fourth consecutive session. After carving out a high of $7.600, the prompt month settled at $7.597, up 27.8 cents on the day and $1.363 higher than last Wednesday’s $6.234 close.
Natgas Futures Push Higher on Cold Potential, Crude Support
Taking the reins of prompt month in their first regular session Monday, March natural gas futures — aided by a chilly outlook from the National Weather Service and supportive trading in crude — jumped 88.2 cents higher on the day to close at $9.389.
Prices Fall as Screen, Weather Support Erode
Predictably, prices were down Wednesday due to a screen drop of 18.2 cents the day before and the ongoing moderation of weather from unusually chilly conditions for early May.
Small NE Gains Contrast With Mild Softness Elsewhere
Forecasts of a windy and chilly Wednesday in the Northeast were enough to give a small boost to citygates there, but otherwise the market Tuesday continued the trend of mild softness that has prevailed since last Friday.
Futures Fall Despite Chilly Temps; Storage and Technicals May Offer Bulls Solace
In a trading session book-ended by selling at the open and at the close, the natural gas futures market sunk to new 10-day lows Tuesday as traders continued to side with forecasts calling for a massive warming trend following the current spate of record cold in the Northeast U.S. At 74,623, estimated volume was stronger than it had been of late, adding credibility to the move lower.
Some Expect Big Storage Report to End Week’s Rally
Continuing to ride the support of chilly weather across much of the northern tier of states and getting an unexpected goose from a soaring oil market, cash prices rose again Wednesday but in nearly all cases by lesser amounts than on Tuesday. Some sources believe that what is expected to be another storage injection report close to 100 Bcf Thursday will halt this week’s so-far steady price advance.
Long Weekend, Milder Forecasts Spur Price Softness
Though chilly temperatures reigned that day along the northern tier of states and in Eastern Canada, prices softened at nearly all points Thursday on expectations of weather moderation and the demand slump of a holiday-lengthened weekend. Flat to mildly higher numbers in the Rockies compared with drops elsewhere that ranged from barely lower to down more than half a dollar in the Northeast.
Chilly Northeast Exception to General Swing Softness
The Northeast, where unseasonable cold was expected to linger for another day or two, was the rare market seeing rising prices as April aftermarket trading got under way Monday. Otherwise, except for some flat to mildly softer numbers in California and the Rockies, losses tended to range from about a nickel to 30 cents. The overall market was weighed down by general mild weather and continued screen weakness.