The fading late-April swing market continued on a path of moderate softness Thursday. Except for plunges at some California points, where temperatures are cooling again after a flash of summer-like heat earlier in the week, other markets ranged from flat to down about 15 cents. A majority of declines were between a nickel and a dime.
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Price Forecasts Still Going Up, But for How Long?
In light of last Thursday’s 47-cent downward futures correctionand new winter forecasts by the National Weather Service,PaineWebber may have jumped the gun a bit in raising its Henry Hubprice projections late last week by about 15 cents for this yearand next to $3.90 and $3.95, respectively. But the investment firmalready was playing catch-up to Salomon Smith Barney (SSB) and therest of the bullish bunch on Wall Street.
Price Forecasts Still Going Up, But for How Long?
In light of yesterday’s 47-cent downward futures correction,PaineWebber may have jumped the gun a bit in raising its Henry Hubprice projections yesterday by about 15 cents for this year andnext to $3.90 and $3.95, respectively. But the investment firmalready is playing catch-up to Salomon Smith Barney (SSB) and therest of the bullish bunch on Wall Street.
West Again Mostly Higher in Face of Overall Softening
Once again several western points defied the overall downwardtrend of the cash market Tuesday. Most eastern quotes ranged 2-3cents to either side of down a nickel, but Rockies/San Juan andNorthern California increases went as high as a dime-plus.
Weather, Crude Oil Pressure Gas Prices Lower
After gapping lower on the open, natural gas prices continueddownward Monday amid weakness in crude oil prices and continuedmild temperatures expected this week and next. Bears saved theirbest for last and punctuated yesterday’s price statement with a4-cent sell-off in the last five minutes of trading. The Novembercontract closed at $5.364, down 17.3 for the session.
Analyst: Deliverability Turn-Around is Slow in Coming
Despite the large post expiration-day futures correctiondownward last Thursday, prices rebounded some Friday and for goodreason, according to Salomon Smith Barney energy analyst RobertMorris.
Moderate Dips Likely to Grow Greater After Screen Dive
Cash prices were already headed downward Monday in the greatmajority of cases, but that’s nothing like the beating they’reexpected to take today after futures went into a free-fall, losingmore than 40 cents in the July contract.
Technical Failure Puts Bears in Control
After gapping lower at the open, natural gas futures followed aslippery downward slope yesterday as traders liquidated positionsamid bearish technicals and ahead of warming temperatures expectedlater this week. In contrast to light selling seen last week,yesterday’s weakness manifested itself across the entire strip ofcontracts, led by the May contract which tumbled 7.6 cents to$2.744. Comparatively, the prompt contract eased 7.1 cents to$2.714 and the 12-month strip gave back 5.4 cents to $2.867.Trading was active, with an estimated 63,810 contracts changinghands.
Winter Hits Midcontinent, But Prices Trend Downward
Despite the arrival of another severe winter storm — this onein the Midcontinent — the majority of spot points leaned to thedownside Thursday.
Bulls ‘Weather’ Another Early Sell-off
For the fourth session in a row yesterday natural gas futuresopened lower and came under immediate downward pressure as tradersgrappled with warm weather forecasts. However, after notching a$2.81 low during the first hour of trading the December contractwas led higher by a combination of local and trade buying. Theprompt contract finished the day down 7.7 cents at $2.837.