Prices recorded gains at all points Thursday, with nearly all of them in double digits. Sources cited the previous afternoon’s run-up in energy futures as the chief price booster, since air conditioning demand remained on the relatively mild side for mid-summer in the key Midwest and Northeast market areas. Increases were remarkably consistent across the market spectrum; few were less than a dime, and a majority ranged between about a dime and a little more than 20 cents.
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Screen-Led Rally Is Expected to Be Short-Lived
Prices recorded gains at all points Thursday, with nearly all of them in double digits. Sources cited the previous afternoon’s run-up in energy futures as the chief price booster, since air conditioning demand remained on the relatively mild side for mid-summer in the key Midwest and Northeast market areas. Increases were remarkably consistent across the market spectrum; few were less than a dime, and a majority ranged between about a dime and a little more than 20 cents.
ESAI Sees Substantial Summer Gas Demand Growth
Consultants at Energy Security Analysis Inc. said they expect a short-lived dip in gas prices sometime this month to be followed by a gradual strengthening in prices this summer because of increases in gas-fired generating capacity and a recovering economy. However, ESAI said it does not believe prices will catapult back to $10/MMBtu anytime soon.
Screen Plunge Leads Cash to Turn South Again
Monday’s cold weather-induced price rally proved to be short-lived, and few if any traders expect it to be revived anytime soon. Most eastern points fell between a nickel and 15 cents Tuesday, while declines tended to be larger in the Rockies/San Juan and California markets. Due to its frigid New England service area, Algonquin quotes essentially were flat.
Rally Short-Lived as Prices Head Downhill Again
Last week’s yo-yo market pattern continued into the weekend asprices reversed direction once again Friday, falling between 15 and50 cents at nearly all points. California remained the contrarymarket with larger declines at the border and Malin and the day’srare uptick at the PG&E citygate.
Futures Rebound Might be Short Lived, Say Analysts
Buoyed by gains achieved in the overnight Access tradingsession, natural gas futures finished on a positive note Friday, asshort covering took back a small percentage of last week’s massivelosses. The February contract led the way, rumbling 32.3 centshigher to close at $7.459. Meanwhile, the out months were muchquieter with smaller gains in March, April and May almost offsetby modest losses in the rest of the strip.
Record Winter Warmth Sizzles the U.S.
Although you couldn’t tell from rapidly depleting gas storagelevels or lofty gas prices, this winter turned out to be thewarmest on record for the United States, according to a report bythe National Oceanic and Atmospheric Administration. And it was thethird winter in a row in which record warmth cooked the UnitedStates.
Cash Weakness Expected to be Short-Lived
Cash numbers were softening as expected Thursday, following theprompt of the futures screen’s late downturn Wednesday. But itlooks like it’s already time to reverse field again and head upwardtoday based on the screen’s strong gain Thursday, sources said.