Ignored

February natural gas closed modestly higher Tuesday as prices generally ignored soaring oil and equity markets and posted an ominous new low during the session. Traders suggested that further price declines were likely. At the close February had risen 0.4 cent to $2.993 and March had inched higher 0.6 cent to $3.022. February crude oil bounded higher by $4.13 to $102.96/bbl.

Futures traders essentially ignored the formation of Tropical Storm Alex, and the cash market also paid it little heed as prices were little changed from flat Monday. Lower numbers constituted a slight majority, especially in the Midcontinent, Rockies and Western Canada.

September natural gas futures ignored a slightly supportive inventory figure and fell in active trading Thursday on the New York Mercantile Exchange. The Energy Information Administration reported injections of 56 Bcf, slightly less than the 60 Bcf expected by a survey conducted by Reuters or the 61 Bcf revealed in a Bloomberg poll.

July natural gas futures closed higher Wednesday in spite of another losing day for crude oil. Traders also ignored the completion of repairs to the Independence Hub production platform in the Gulf of Mexico and elected to focus on expected warm weather in Midwest and eastern energy markets. At the close of floor trading July futures were up 15.8 cents to $12.379 and August added 14.0 cents to $12.442. July crude oil skidded $2.01 to $122.30/bbl.

A day after a mostly rising cash market ignored general weakness in weather fundamentals, most points were down Wednesday in recognition of the dearth of weather-based support, even though cooling load was forecast to be growing a bit in some areas Thursday. The overall physical market also failed to get a boost in value from Tuesday’s second straight day of a 15.2-cent futures advance.

The U.S. Fish and Wildlife Service (FWS) ignored the best available science and has to reconsider its decision not to list the greater sage grouse under the federal Endangered Species Act (ESA), an Idaho district judge ruled last week. If ultimately listed under the ESA, the bird’s status could slow development, impact grazing rules and curb oil and natural gas drilling in parts of the U.S. West.

The U.S. Fish and Wildlife Service (FWS) ignored the best available science and has to reconsider its decision not to list the greater sage grouse under the federal Endangered Species Act (ESA), an Idaho district judge ruled Tuesday. If ultimately listed under the ESA, the bird’s status could slow development, impact grazing rules and curb oil and natural gas drilling in parts of the U.S. West.

Buoyed by warmer than normal temperatures as well as support from petroleum futures, July natural gas futures on Monday ignored the fizzled impact of Tropical Storm Arlene to climb higher once again, notching a high of $7.28 before settling at $7.26, up 32.8 cents on the session.

The market was finding pockets of heating load that it must have ignored earlier, for despite generally bearish talk on Monday, prices rose nearly across the board Tuesday between a little less than a nickel and about 45 cents. A few flat to slightly lower points were almost buried amid the overall advances.