Natural gas futures values knee-jerked higher Thursday morning following the news from the Energy Information Administration (EIA) that 135 Bcf was withdrawn from underground storage for the week ending Dec. 31. However, the sentiment was short-lived as February futures declined in the afternoon to finish the regular session at $4.434, down 3.9 cents from Wednesday’s close.
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Futures Inch Higher as Cold Outweighs Bearish Storage Draw
After venturing higher in early morning trade on Thursday, the January natural gas futures contract knee-jerked lower following the news from the Energy Information Administration (EIA) that 23 Bcf was withdrawn from underground storage for the week ending Nov. 26. However, the bearish sentiment from the report proved to be no match for the eastern freeze, which pushed the front-month contract higher to close at $4.343, up 7.4 cents from Wednesday’s regular session close.
Futures Test Support Following 37 Bcf Storage Build
September natural gas futures knee-jerked lower in Thursday morning trading following the news that an on-target 37 Bcf was injected into underground storage for the week ending Aug. 6. The prompt-month contract recorded a low of $4.264 before closing out the day at $4.296, down 3 cents from Wednesday’s close.
Despite ‘Bearish’ Build, Futures Keep Pressure on $5 Resistance
November natural gas futures knee-jerked lower Thursday morning following news that 69 Bcf had been injected into underground storage for the week ending Oct. 2. However, the action was short-lived as the prompt-month contract immediately resumed its assault on the psychological $5 resistance level.
Futures Remain Range-Bound Despite ‘Bullish’ Storage Build
Natural gas futures knee-jerked higher Thursday morning temporarily after the Energy Information Administration (EIA) reported the first nontriple-digit storage build in six weeks. Thursday proved to be a streak-breaker in more than one way as the July contract ended up closing 8.3 cents higher at $3.844, halting the consecutive down-day trend at five.
Inline 82 Bcf Storage Build Taken in Stride By Futures Traders
June natural gas futures values knee-jerked lower Thursday morning after the Energy Information Administration (EIA) reported that 82 Bcf was injected into underground storage for the week ended April 24. However, the drop lower proved to be temporary as the prompt-month contract quickly rebounded later in the morning to trade at pre-report price levels before closing out the regular session at $3.373, down 3 cents from Wednesday’s close.
Futures Fall as a Few Storage Bulls Get Caught Long
Despite the release of an industry-expected 50 Bcf storage injection report Thursday morning for the week ended Aug. 8, natural gas futures knee-jerked lower. The September contract crashed below established support at $8.200 and tested the psychological $8 level before closing out Thursday’s regular session at $8.136, down 32 cents from Wednesday.
Despite Large Storage Withdrawal, Futures Settle Lower
Even though January natural gas futures knee-jerked higher above the psychological $9 level following the 32 Bcf storage withdrawal report Thursday morning, the contract ultimately put in a low of $8.700 before closing at $8.844, down 2.7 cents on the day.
Futures Whiplash Gives Cash Traders Pain in the Neck
The cash market on Wednesday was jerked around like a bull whip by its out-of-control master, the gas futures market on the New York Mercantile Exchange. As futures popped nearly 40-cents higher at the open and soared to the incredible height of $7.55 Wednesday morning before collapsing shortly thereafter, the cash market was dragged behind, albeit at a significant distance. The run-up produced massive trading ranges as sellers scrambled to unload what they could before the show was over.