Dipped

Cash points dipped across the country Friday for Sunday and Monday delivery as the brutal heat being experienced in much of the country was expected to dissipate over the weekend. Market points could be in for a rebound Monday after August natural gas futures on Friday finished 10.2 cents higher at $2.824, up 15.6 cents from the previous week’s finish.

February natural gas futures on Tuesday dipped into the mid-$4.50s but rebounded to close the regular session at $4.669, up 1.9 cents from Monday’s finish. Traders, some of whom had been expecting a correction to Monday’s monster 24.5-cent gain, took Tuesday’s strength as a sign that the bulls are a little more firmly in control.

Bringing the streak to six consecutive lower closes and a loss of nearly a dollar, July natural gas futures on Monday dipped below $7 to close at $6.940, down 19 cents from Friday’s close. With expiration around the corner on Wednesday, the prompt month has shed 97.8 cents since its June 15 close at $7.918.

Maintaining the downward trend from last week, natural gas futures prices dipped below $6 on Monday in a move many traders did not expect just weeks ago. July natural gas, which expires Wednesday, ended up closing at $5.969, down 25.7 cents on the day.

Rumors that the winter heating season was over appear to be unfounded as the East has once again dipped below freezing, sparking natural gas futures to search for higher ground. April natural gas impressively climbed 26.1 cents in trading on Friday to close at $6.715, half of a cent off its high for the session. March expired on Thursday at $6.304.

U.S. natural gas imports dipped slightly (0.5%) to 3,996 Bcf last year due primarily to fewer volumes coming from Canada, while exports to Mexico rose and liquefied natural gas (LNG) deliveries surged, according a new report released by the Energy Information Administration (EIA) last Tuesday.

U.S. natural gas imports dipped slightly (0.5%) to 3,996 Bcf last year due primarily to fewer volumes coming from Canada, while exports to Mexico rose and liquefied natural gas (LNG) deliveries surged, according a new report released by the Energy Information Administration (EIA) Tuesday.

Net income for 51 independent energy companies rose 11% in the first quarter from the year-earlier period due to an upswing in both crude oil prices and gross refining margins, according to a report issued by the Energy Information Administration (EIA) last Tuesday. Natural gas prices were not cited as a contributor to the upbeat earnings reports of the energy companies that the EIA reviewed.

Net income for 51 independent energy companies rose 11% in the first quarter from the year-earlier period due to an upswing in both crude oil prices and gross refining margins, according to a report issued by the Energy Information Administration (EIA) Tuesday. Natural gas prices were not cited as a contributor to the upbeat earnings reports of the energy companies that the EIA reviewed.