The shallow waters of the Gulf of Mexico (GOM) up until this week had been considered by many to be thoroughly explored. However, the Davy Jones discovery by an unrelenting team of producers suggest that the story of this basin is “far from over,” energy analysts said.
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Futures Rebound Following 36 Bcf Storage Draw
Living up to the old trader adage that “anything can happen on expiration,” the April natural gas futures contract on Thursday explored both higher and lower price levels before anticlimactically going off of the board nearly unchanged from Wednesday’s close. The April contract traded between $9.385 and $9.640 before expiring at $9.578, up six-tenths of a cent from the previous day’s close. May futures had a similarly adventurous day, trading between $9.465 and $9.740 before closing at $9.687, up two-tenths of a cent from Wednesday’s close.
Despite Moderating Temps, Futures Remain Firmer than Expected
With temperatures moderating throughout the Midwest and most of the East, March natural gas futures explored lower price levels for a majority of Tuesday’s regular trading session. However, thanks to a late round of buying, the prompt month pushed higher to close at the day’s high of $7.585, up 8.2 cents from Friday’s close.
January Natural Gas Futures Fall as December Temps Rise
January natural gas futures explored lower price levels Monday as the cold snap of weather from the previous week dissipated as forecast, leading traders to focus on the prospect of burdensome supplies at the end of the heating season. After putting in a low of $7.220, the prompt month rebounded to close at $7.427, down 13.4 cents from Friday’s close.
Futures Settle Near Unchanged While Weather Picture Develops
Unable to capitalize and build on Monday’s 78.5-cent jump in November natural gas futures, traders on Tuesday explored both higher and lower price levels before the contract returned to settle near unchanged. The prompt month settled less than a penny lower at $6.442.
September Futures Expire Higher Following Morning Dip
With Tropical Storm Ernesto still holding a north-northwesterly track, the expiring September natural gas futures contract explored lower price levels for a majority of Tuesday before a late short-covering rally pushed values higher. September natural gas ended up expiring at $6.816, up 34.4 cents, while October natural gas finished the day 6.4 cents higher at $6.876.
Futures Break Below $6 Again on Moderate Temperatures
After gapping lower in the overnight Nymex Access trading session, July natural gas opened Wednesday’s regular session at $6.150 and explored lower depths from there as traders absorbed the fact that summer heat is making false starts in a number of regions across the country. The prompt month broke below the psychological $6 level in early trading and bounced on either side of the number before recording a low of $5.940 and settling at $5.974, down 41.1 cents on the day. That brings the week’s losses so far to 64.9 cents.
Futures Trading Ends Up Being ‘a Wash’ as Direction Sought
A little unsure of its footing following Monday’s 30-cent-plus rise, June natural gas futures explored higher and lower levels on Tuesday before settling nearly unchanged at $6.258, down 1.8 cents on the day.
Recent Range Explored Last Week; May Futures Finish Significantly Lower
After hitting its head on a high of $7.630 to begin the week on Monday, May natural gas explored the lower boundaries of its recent range to finish the week Friday. After recording a low of $6.670, the prompt month settled at $6.743, down 22.9 cents on the day and 46.7 cents lower for the week.
Futures Shed A Few Pennies; But Fresh Storm Concerns Arise
While petroleum futures decisively explored lower on Tuesday following the Labor Day Holiday weekend, October natural gas was a little more undecided as traders began to monitor Tropical Depression 16 (TD 16) off the coast of Florida. After venturing both higher and lower during the course of the day, prompt month natural gas ended up settling 3.4 cents lower for the session at $11.657.