Overall cash points fell on average by 10 cents Tuesday as the physical market played catch-up to Monday’s 16-cent drubbing of the spot futures. Eastern and Midwest points were particularly hard hit as mild temperatures also worked to limit loads. At the close of futures trading November had gained 8.3 cents to $3.535 and December had added 9.3 cents to $3.861. December crude oil continued its free-fall by losing $1.98 to $86.67/bbl.
Drubbing
Articles from Drubbing
Nearly All Points Weaken; Futures Rise On Short-Covering
Physical natural gas prices at virtually all points suffered an average 6-cent drubbing as weekend temperatures were expected to be on the mild side. Only a handful of points posted gains. Southern California was hit with double-digit declines as a temporary outage at a nuclear plant was expected to be resolved. Futures rallied on weekend short-covering, and traders see further buying should prices settle about another 10 cents higher. June futures rose 6 cents to $2.186, and July gained 5.7 cents to $2.299. June crude oil rose 38 cents to $104.93/bbl.
April 30, 2012
Traders Mull Bearish Inventory Report, Oil Prices; July Sinks
July natural gas underwent a double-digit drubbing Thursday following a government inventory report showing greater-than-expected additions to inventories. Traders were surprised by the 98 Bcf addition reported by the Energy Information Administration, and prices promptly fell as expectations were for a smaller build. At the close July was 12.4 cents lower at $4.193 and August had dropped 13.3 cents to $4.217. July crude oil cascaded lower, giving up $4.39 to $91.02/bbl.
June 24, 2011
Futures Finish Wild Week Just Shy of $13
Coming off Thursday’s near 35-cent drubbing, July natural gas futures rebounded on Friday but failed to finish the week north of $13. The prompt-month contract traded between $12.967 and $13.185 on Friday before closing the regular session at $12.994, up 13.3 cents from Thursday and 36.9 cents higher than the previous week’s close.
June 23, 2008
On-Target EIA Stats Drop Market; September Retreats 25 Cents
September natural gas futures suffered a double-digit drubbing Thursday as the release of fresh storage inventory data revealing another large injection of 77 Bcf served to further allay concerns of a supply shortfall.
August 3, 2007
S&P: Despite ‘Headline Events,’ Energy Industry Overall Remains Solid
The daily drubbing of bad news within the energy merchant sector might indicate that the downgrades, asset sales and layoffs are characteristic of the entire energy industry, said Standard & Poor’s (S&P) in a recent report. However, the sector’s problems began “well before” California’s power crisis and Enron Corp.’s bankruptcy, and then were hit by collateral damage. Despite the upheaval, however, companies that have kept their solid, less dynamic cash flow from physical energy assets still retain their “investment-grade characteristics.”
June 24, 2002
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