Consecutive

Making further strides away from last week’s gains, July natural gas futures on Tuesday worked lower for the second consecutive session as questions continued to arise regarding whether the summer would be as hot as once expected. After carving out a low of $6.470 on the day, prompt month natural gas ended up settling at $6.502, down 39.1 cents.

Even with crude futures breaking back above $70/bbl on Tuesday, June natural gas futures managed to resist the temptation to follow. For the second consecutive session, prompt month natural gas traded within a slim range before setting its sights lower. After hobbling between $6.560 and $6.720, June natural gas closed at $6.581, down 11.5 cents on the day and 19.4 cents lower for the week to date.

Going out on a weak note, May natural gas futures went off the board Wednesday after completing its fifth consecutive trading day of lower settles. After notching a low of $7.000, May expired at $7.198, down 5.6 cents on the day.

Settling lower for the fifth consecutive regular session, March natural gas futures on Friday brushed off winter storm concerns for the weekend en route to carving out a new low for the move at $7.250. The prompt month finished the week at $7.316, down 16.3 cents from Thursday but an astounding $1.297 lower than the contract’s close in the prior week.

Disregarding the bullish natural gas storage report, January natural gas on Thursday dropped significantly for a second consecutive session, reaching a low of $13.750 before settling at $13.781, down 89.8 cents for the day. This brings the two-day decline total to $1.597, while the week’s decline so far stands at 53.1 cents.

Putting in yet another multiple record-breaking trade day, January natural gas on Tuesday gained 50+ cents for the second consecutive session to settle at $15.378, up 53.7 cents from Monday. In addition to eclipsing the old all-time high prompt month settle of $14.994 (Dec. 8), the January contract also set a new spot month high of $15.78 during the day, which was high enough to exceed January’s life-of-contract high of $15.600 (Oct. 5).

After being stuck within an $11.030 to $12.070 range for 11 consecutive regular sessions, December natural gas broke to the upside Wednesday as a cold front reached the East and petroleum futures prices recorded significant gains. December natural gas ended up settling at $12.329, up 76.6 cents from Tuesday’s close.

Denver, CO-based Aspen Exploration Corp. announced Monday its seventh consecutive successful flow test on a recently drilled gas well in the Sacramento Valley gas province of northern California. The Kalfsbeek #1-13 well located in the Buckeye Gas Field, Colusa County, CA, was drilled to a depth of 8,800 feet and encountered gas pay in several intervals in the Forbes formation.

The newest branch of Canada’s gas industry, coalbed methane, will be its hottest growth front for a second consecutive year in 2006, field contractors predict.