Physical gas for weekend and Monday delivery overall eased a penny as traders saw little incentive to buy a three-day package under conditions of mild expected weather and the ability to easily make intraday purchases as needed.
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Cash prices eased 4 cents overall Tuesday with pronounced weakness seen at Northeast points as well as the Midcontinent. Gulf points were mostly steady. At the close of uninspired futures trading, July had added 0.7 cent to $3.998 and August had managed to rise by 0.6 cent to $4.015. July crude oil slipped 14 cents to $93.31/bbl.
Physical natural gas prices Wednesday eased a couple of pennies in an overall broad decline. However, if volatile New England points on pipelines such as Iroquois, Algonquin, and portions of Tennessee are factored in, the decline is 27 cents. No more than a handful of locations were able to post gains. At the close of futures trading March had added 7.6 cents to $3.306 and April was up by 7.5 cents to $3.371. March crude oil slipped 50 cents to $97.01/bbl.
The cash market eased nearly 3 cents on average Thursday as Midwest points on the front lines of a major cold incursion saw gains and other locations experienced small losses.
Physical natural gas prices Friday were mostly flat, although a few Northeast points showed constraint-related gains. Prices at most points eased, and without the gains posted on Northeast pipes, the overall market was down on average by about 2 cents. Texas points were mixed and the West Coast was generally weaker. Futures fared much worse. At the close of trading August was down 16.9 cents to $2.776 and September was off 16.4 cents to $2.786. August crude oil imploded $2.77 to $84.45/bbl.
November futures eased in light trading Monday as traders saw the day’s activity as insufficient to attract the attention of either bulls or bears. At the close November had fallen 2.5 cents to $3.604 and December had shuffled lower by 3.2 cents to $3.794. December crude oil rocketed higher in concert with equity market strength, adding $3.87 to $91.27/bbl.
November natural gas futures eased Monday in a lackluster session showing no interest in following through on Friday’s hefty 17.2-cent jump. At the close November had lost 1.5 cents to $3.688 and December had given up 5.7 cents to $3.903. November crude oil fell 42 cents to $86.38/bbl.
October futures eased Monday as traders see largely weather-driven weakness in the near term but suggest stronger prices once the heating season kicks in. At the close October had fallen 3.0 cents to $3.885 and November had given up 3.2 cents to $3.966. October crude oil rose 95 cents to $88.19/bbl.
September natural gas retreated Tuesday as traders factored in a mild change in the temperature outlook. At the close September had fallen 3.3 cents to $4.155 and October had eased 3.4 cents to $4.156. September crude oil fell $1.10 to $93.79/bbl.
The expiring August contract settled unchanged, but more distant contracts eased although analysts viewing a deteriorating price regime remain optimistic and suggest that if prices should somehow surge pass $5 during the hurricane season or later in the fall, it would be a good time to initiate producer hedging. At the close August remained unchanged at $4.370 and September had fallen 1.3 cents to $4.318. September crude oil faltered $2.19 to $97.40/bbl.