Direction

The amounts of decline tended to get smaller Thursday, but it was clear that the price direction remained definitively downward for the foreseeable future. Not counting flat to barely lower quotes at three western points, losses ranged from about a nickel to nearly 60 cents.

The amounts of decline tended to get smaller Thursday, but it was clear that the price direction remained definitively downward for the foreseeable future. Not counting flat to barely lower quotes at three western points, losses ranged from about a nickel to nearly 60 cents.

If you don’t like the direction of the natural gas futures market, wait five minutes and it is likely to change. Proving once again that the market can be volatile, the December contract on Monday bounced higher after testing below the $7.00 support area in early trading.

If you don’t like the direction of the natural gas futures market, wait five minutes and it is likely to change. Proving once again that the market can be volatile, the December contract on Monday bounced higher after testing below the $7.00 support area in early trading.

In a market with some inconsistencies, the overall price direction Thursday was overwhelmingly down, but scattered flat to higher points in the Gulf Coast and Northeast ran contrary to the general trend. Excluding those exceptions, losses ranged from about a nickel to nearly 40 cents.

ONEOK, Inc. has changed the name of its energy marketing segment to reflect a new direction for the unit. ONEOK Energy Marketing and Trading will henceforth be known as ONEOK Energy Services Co., it was announced Friday.

The expected softening materialized at nearly all points Wednesday. But although mild to cool weather in most regions argued for price slides to continue Thursday, a big screen rally threw some doubt on upcoming cash market movement.

It was difficult to discern a clear market direction Thursday as futures prices soared and plummeted, dragging the cash market behind. The EIA reported a larger than expected 111 Bcf weekly storage withdrawal, which initially sent prices higher, but it wasn’t enough to sustain a rally. Futures ended down about a dime and cash prices were mixed with some points up 15 cents while others were down 20 cents.

With little fresh fundamental news of its own, the natural gas futures market was a slave to the whims of other markets’ traders Friday. After dropping lower at the opening bell in sympathy with 30-cent losses in the cash market, natural gas futures regrouped and trended higher during the open-outcry session, as buyers fed off the strength in the nearby crude oil pit.