Confronted with the possibility of having to pay the largest penalty ever imposed by the Federal Energy Regulatory Commission for market manipultaion, Barclays Bank PLC Friday attempted to lay out its case that it had neither the intent nor the ability to manipulate prices in the wholesale electric power markets.
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Poll Finds Majority Favors More Offshore, Onshore Drilling
Confronted with exorbitant gasoline prices, a wide spectrum of Americans are expressing support for oil and natural gas drilling in protected coastal and wilderness areas, according to a recent poll conducted by ABC News, Planet Green and Stanford University.
Most of Market Levels Off; Northeast Keeps Falling
Confronted with growing weakness in weather fundamentals, more than one trader was surprised to see a majority of points stay close to flat Wednesday. Few of them varied from unchanged by more than about a nickel. Only Northeast citygates significantly extended Tuesday’s softness by dropping 8-15 cents.
Stuck in a Rut, Futures Traders Look to Storage Data, Weather to Pull It Out
Confronted with bullish near-term forecasts and bearish longer-lead weather outlooks, natural gas futures traders chose to side with the latter Tuesday as they quickly took back a lion’s share of Monday’s 12-cent advance. By virtue of its 9.4-cent decline and $4.226 close Tuesday, the January contract again rests near the bottom of the $4.16-48 trading range. The same range has bounded the market’s price moves since Nov. 18.
Futures Drop Lower as Isidore Fails to Strengthen
The choice over whether to buy or sell natural gas futures was an easy one to make Wednesday morning. Confronted with a tropical storm that had not strengthened as expected overnight, traders elected to sell the market with a vengeance, pushing the October contract to its lowest level since last Tuesday. Creating a whopping 13-cent gap on the daily bar chart, the October contract started its penultimate trading session by opening well into negative territory. After stabilizing briefly during the late morning, the prompt month was hit with another wave of selling in the afternoon. It finished at $3.494, down 24.8 cents for the day.
Futures Rise on Expectations for Dropping Temperatures
Confronted with a bearish storage situation and a bullish weather outlook, natural gas traders opted to follow the guidance of the latter Thursday as they lifted the market off of a negative close to notch the first positive close for the week. The January contract received the biggest buying boost, shuffling 7 cents higher to close at $2.686. Estimated volume of 90,049 was high considering the extremely-tight, 5-cent trading range.