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.
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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.
August natural gas futures drifted lower Monday as traders expect a rangebound market. At the closing bell August futures had fallen 1.3 cents to $4.386 and September had shed 1.5 cents to $4.355. September crude oil retreated 67 cents to $99.20/bbl.
The U.S. natural gas-directed rig count has fallen from its 2009 peak, but the “turning point” for domestic gas supplies won’t happen until the end of 2012, according to a report by Barclays Capital.
July natural gas eased slightly Monday as traders cited weak technicals, and near term weather forecasts are unsupportive. At the close July had fallen eight-tenths of a penny to $4.317 and August was down eight-tenths of a penny to $4.352. July crude oil rose 25 cents to $93.26/bbl.
June natural gas futures continued to flounder Monday as traders see no upward momentum and look for a test of key psychological support. At the close June futures had fallen 8.1 cents to $4.154 and July had retreated 8.1 cents as well to $4.216. June crude oil, however, rocketed higher by $5.37 to $102.55/bbl.
May natural gas futures drifted lower in uninspired trading Tuesday as traders debated the likelihood of another move lower. At the close May futures had fallen 1 cent to $4.098 and June was down 0.8 cent to $4.168. May crude oil tumbled $3.67 to $106.25/bbl.