Fresh

After spiking higher moments after the release of fresh storage data showing a 247 Bcf withdrawal last week, natural gas futures slumped late Thursday morning as traders alleviated overbought conditions. Modest upticks were seen in the afternoon as bargain buying entered the fray. And though it was down 4.6 cents to $5.583 on its first day as prompt contract at Nymex, March was able to notch a higher high and a higher low for the session, giving some traders hope that another rally — while not likely — is possible.

With little in the way of fresh fundamental or technical news, natural gas futures traders played it safe Tuesday as they remained mostly on the sidelines in the abbreviated pre-holiday session. Gas futures trading shut down at 1 p.m. EST Tuesday and was set to re-open with Access trading Wednesday at 7 p.m. What activity there was Tuesday was dominated by locals who sold futures early only to cover those shorts late in the session. The net result was a market basically unchanged for the session. February closed the year at $4.789, down 1.1 cents on the day. Estimated volume was 48,835.

With little in the way of fresh fundamental or technical direction, natural gas futures prices chopped sideways Friday as light short-covering and hot weather forecasts were tempered by lower cash market prices. The September contract worked its way higher throughout the first two hours of trading, but hit the skids late in the session as it fell to its settlement price at $2.858, up 1.6 cents for the session. Estimated volume was light, with only 58,581 contracts changing hands.

With few fresh fundamental factors in which to sink their teeth, natural gas traders battled back and forth Friday, producing a wide 15-cent trading range. But despite the spirited session, the August contract finished with an unremarkable 0.1-cent decline and $2.933 settle, leaving plenty of questions still to be answered when trading resumes Monday. At 93,495, estimated volume was moderate to heavy for a Friday in July.

With few fresh fundamental factors in which to sink their teeth, natural gas traders battled back and forth Friday, producing a wide 15-cent trading range. But despite the spirited session, the August contract finished with an unremarkable 0.1-cent decline and $2.933 settle, leaving plenty of questions still to be answered when trading resumes Monday. At 93,495, estimated volume was moderate to heavy for a Friday in July.

Fresh from a precedent-setting electric rate settlement including a wholesale power cost coverage mechanism, Puget Sound Energy (PSE) of Bellevue, WA, is eyeing a similar natural gas settlement by Sept. 1 in what its executives described as an improved state regulatory climate during a conference call with financial analysts Friday. The utility, which is part of the Puget Energy corporate structure, has a $56 million, or 9.1%, gas rate increase pending with the Washington Utilities and Transportation Commission (WUTC).

Spurred primarily by a fresh surge in futures, the cash market realized large increases again Monday, although most of them were smaller than those on Friday. Gains ranged from about a nickel at a couple of Rockies points to more than 40 cents at the Florida citygate; a majority were between a dime and a quarter.

Adding to the losses triggered by the release of fresh American Gas Association storage data Wednesday, natural gas continued lower early in the session yesterday only to stabilize at midday as scale-down buying interest met equally with profit-taking long liquidation. The March contract finished the session at $2.186, down 5.9 cents for the day, and just off its three-day low at $2.18.

With little in the way of fresh fundamentals or technicals in which to sink their teeth, bulls and bears did not stray too far from home Friday, as neither was willing to attempt a move ahead of the weekend. After opening at $2.14, the March contract shuffled sideways for four-and-a-half hours before closing even with Thursday’s settle at $2.138. At 53,618, estimated volume on Friday was extremely light.