Continuing to ride the downward futures momentum from Thursday, cash points cratered another 15-65 cents on Friday, leaving Henry Hub cash about flat to the screen as of the end of the cash trading session. The vast majority of points were down 20-40 cents. However, natural gas futures then proceeded to follow crude oil higher, ending the day up 18.3 cents to $9.111.
Cratered
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Some Weekend Price Plunges Exceed a Dollar
Cash prices cratered Friday with quite a few points taking dives of more than a dollar. The entire market — pressured by forecasts of widespread mild to cool weather that was entirely appropriate for early autumn, bountiful storage inventories and the normal slump of industrial load associated with a weekend — fell by around 55 cents or more, except for a couple of Gulf Coast pipes whose losses were limited to a little more than 30 cents.
October 4, 2004
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