Defied

The cash market defied the ostensibly bullish influences of the Northeast and Rockies joining the Midwest in cooling trends that would take low temperatures to around freezing or less at most locations Thursday. Instead it preferred to be guided more by the previous day’s fall of 26.4 cents by March futures in posting losses at most points Wednesday.

Canadian natural gas exports defied consensus forecasts by increasing in the last international trading year (see NGI, Dec. 17, 2007), prompting the nation’s top pipeline to suggest that the true trend is a change in the quality of production instead of its quantity.

Canadian natural gas exports defied consensus forecasts by increasing in the last international trading year (see Daily GPI, Dec. 17, 2007), prompting the nation’s top pipeline to suggest that the true trend is a change in the quality of production instead of its quantity.

Cash prices again defied robust prior-day futures support along with cold weather forecasts in Canada and across most of the northern half of the U.S. in plummeting at all points Friday. The pervading softness was linked to early-season storage withdrawals, fairly moderate weather in the southern U.S. and the decline of industrial demand that occurs during a weekend.

The cash market defied light heating load in the East, prior-day futures weakness, the “weekend effect” and bearish storage expectations by staging a rally at most points Thursday.

The unexpected happened again on Tuesday when natural gas cash and futures prices defied the slightly cooler weather trend, the overbought conditions on Nymex, the absence of a threatening hurricane and the lofty height of price levels — and proceeded to continue climbing.

Duke Energy defied analysts’ expectations by announcing last Wednesday that it would maintain its $1.10/share annual dividend. However, new CEO Paul Anderson outlined a major restructuring plan and said the company would have to take a $3.3 billion fourth quarter 2003 pretax charge as a result of asset impairments.

Duke Energy defied analysts’ expectations by announcing Wednesday that it would maintain its $1.10/share annual dividend. However, new CEO Paul Anderson outlined a major restructuring plan and said the company would have to take a $3.3 billion fourth quarter 2003 pretax charge as a result of asset impairments.

The cash market again seemingly defied some of the laws of economic gravity Tuesday by rising about 20 cents or more at most points. And once again several traders were baffled at the continuing price strength in the face of pitifully few visible means of physical support.