May natural gas futures retreated Monday as traders looked to near-term weather forecasts and related weakness for price drivers. At the close the May contract had given up 6.2 cents to $4.008 and June retreated 5.8 cents to $4.111. May crude oil was also weak falling 58 cents to $84.34/bbl.
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Triple-Digit Dives Dominate Due to Milder Forecasts
Despite an abundance of heating load remaining through the weekend in many areas, traders looked beyond that to expected warming trends beginning early this week in sending prices much lower Friday, in many cases by dollar-plus amounts. Of course, the previous day’s 20.3-cent dive by February futures and the usual weekend loss of industrial load also contributed to the cash bearishness.
November Futures Fail At $5; Some Question October Expiration Glitch
At first it looked as though November futures were going to settle above the psychologically important $5 level, but the realization that the primary near-term market driver — forecasts of colder-than-normal weather — had been fully discounted was enough to pull the plug on prices.
Texas PetroIndex Continues Sliding
For a good while any chart of oil and gas exploration and production (E&P) activity in Texas looked pretty decent, with steadily increasing drilling, production and prices yielding mounting positive data. But it turned out that on the other side of the data mountain was a cliff from which the industry continues to plunge.
Texas PetroIndex Continues to Slide
For a good while any chart of oil and gas exploration and production (E&P) activity in Texas looked pretty decent, with steadily increasing drilling, production and prices yielding mounting positive data. But it turned out that on the other side of the data mountain was a cliff from which the industry continues to plunge.
Constellation Chooses EDF Over MidAmerican
When all looked lost for Baltimore-based Constellation Energy Group, billionaire investor Warren Buffett’s MidAmerican Energy Holdings Co. came to the rescue with a merger proposal and capital infusion; however, Wednesday the American business icon stepped aside to make way for the French. Constellation accepted Electricite de France subsidiary EDF Development Inc.’s offer to acquire a 49.99% interest in Constellation Energy Nuclear Group LLC for $4.5 billion, ending MidAmerican’s plans to acquire all of Constellation.
Buffet Rebuffed as Constellation Chooses EDF
When all looked lost for Baltimore-based Constellation Energy Group, billionaire investor Warren Buffett’s MidAmerican Energy Holdings Co. came to the rescue with a merger proposal and capital infusion; however, last Wednesday the American business icon stepped aside to make way for the French.
Futures Jump Back Above $10 as Market Weighs Concerns Versus Facts
Just when it looked like $10/Mcf gas was firmly in the rear view mirror, May natural gas futures revisited the price level Monday as near-term weather forecasts are looking a little cooler than first thought. The prompt-month contract shot to a high of $10.190 before closing out the regular session at $10.101, up 30.1 cents from Friday’s close.
Severe Cold Still Around; Prices Dive Anyway
Following a brutally cold and snowy Martin Luther King Day weekend for most of the U.S. and Canada, the forecast looked to be more of the same for the next couple of days before a moderate warm-up begins late this week. But despite the continuation of heavy heating load prices fell Tuesday at all points, including triple-digit plunges at Northeast citygates.
Futures Reverse Course After Morning Spike to Settle Pennies Lower
The bull move in natural gas futures looked to be alive and well in Friday morning trading before the prompt-month contract came tumbling back to earth in the afternoon. After reaching a high of $8.410 in early activity, the February contract plummeted to a low of $8.095 just after noon EST before closing out the day at $8.210, down 4.9 cents from Thursday but 36.9 cents higher than the previous week’s finish.