January natural gas futures posted a double-digit loss Monday as traders acknowledged a low volatility price environment and little incentive for end-users to step up to the plate and lock in prices. At the close January was down 12.3 cents to $3.461 and February also had shed 12.3 cents to $3.490.
Digit
Articles from Digit
December Futures Flounder at Expiration
Expiring December natural gas futures posted a double-digit loss as traders elected to focus on an incoherent weather outlook and adjust positions as the deadline for December trading approached. At the close December had fallen 17.8 cents to $3.364 and January had skidded 14.0 cents to $3.525. January crude oil gained a stout $1.44 to $98.21/bbl.
December Precariously Holding Support After Hefty Loss
December natural gas nearly notched a double-digit loss Wednesday as traders prepared for a government inventory report likely to show an inventory addition well above last year’s and the five-year average. At the close December had fallen 9.3 cents to $3.652 and January had skidded 9.4 cents to $3.749. December crude oil fell $1.06 to $95.74/bbl.
East, West Coast Cash Points Score Gains
Cash quotes nationwide showed nearly double-digit gains on Thursday, but little strength was seen at Gulf Coast points. Western prices firmed based on strength at AECO and prices rose at eastern pipelines.
Natural Gas to Follow ‘Unraveling’ Equity Markets; December Drubbed
December natural gas suffered a bruising double-digit loss Tuesday in what observers noted was at least a temporary joining of hands with free-falling petroleum and Greece-centric equity markets. At the close December had fallen 15.3 cents to $3.781 and January had retreated 13.6 cents to $3.920. December crude oil dropped $1.00 to $92.19/bbl; the Dow Jones Industrial Average lost 297 points to 11,658, and the Standard and Poor’s 500 Index shed a whopping 35 points to 1,218.
Weaker Production Growth Needed, Analyst Says; November Tumbles
November natural gas posted a double-digit loss Tuesday as traders cited the relentless increase in production and lack of demand growth as continuing to thwart any price advance. At the end of the day November had fallen 13.5 cents to $3.553 and December had shed 11.5 cents to $3.788. November crude oil rose $1.96 to $88.34/bbl.
Screen Backing Helps Extend All-Points Advance
The number of double-digit gains increased Tuesday as a price advance across the board occurred for the second day in a row. Although weather conditions remain generally bearish for gas prices, especially with the Northeast growing even cooler, and tropical storm menaces to offshore production virtually ruled out for the rest of the season, at least the cash market could point to Monday’s 8.1-cent increase by October futures as impetus for maintaining its firming trend.
Price Gains Grow, But Holiday Weekend Nearing
Prices shot higher by double-digit amounts nearly across the board Thursday as a palpable threat to Gulf of Mexico (GOM) production grew more intense, cash numbers had substantial support from the previous day’s 14.5-cent futures rise, and some regions such as the Midwest were heating up, although their contribution to cooling load was likely to be brief.
Front-Month Futures Get ‘Double Whammy;’ August Pounded
August natural gas suffered a double-digit loss Wednesday as a combination of front-month selling and spread trading combined to pummel futures. Traders are also anticipating the release of modestly bearish inventory figures from the government Thursday. At the close August had fallen 14.6 cents to $4.217 and September had given up 14.9 cents to $4.222. August crude oil slipped 24 cents to $96.65/bbl.
Storm Threat Wanes, Not Heat; Prices Mixed
The double-digit advances that pervaded the market Monday were disappearing rapidly Tuesday except in the Northeast, where forecasts are getting hotter. Close-to-flat numbers were common outside the Northeast, and small losses were resurfacing in the price mix for the first time since one last Friday.