While the January 2012 natural gas futures contract managed to eek out a 3.2-cent gain in Tuesday’s regular session to close at $3.128, bullish traders remain a rare breed as prices are still more than a dollar below where they were one year ago.
Managed
Articles from Managed
Traders Dismiss Tuesday Gains, See Low $3s
January natural gas managed a tempered gain Tuesday on stout volume, but traders were not dissuaded that the current downtrend was over and looked for a test in the low $3s. At the close January had risen 2.5 cents to $3.279 and February had gained 2.7 cents to $3.321. January crude gained a hefty $2.37 to $100.14/bbl.
Colorado Springs Puts Six-Month Hold on Drilling
The nine-member city council in Colorado’s second largest city, Colorado Springs (pop. 416,000), voted unanimously Wednesday to invoke a 60-day moratorium on oil and gas drilling within the city limits. The action was taken in an emergency meeting scheduled to look at exploration and production (E&P) activity.
Quicksilver Sets Quarterly Production Record
Fort Worth-based Quicksilver Resources Inc. continued to chip away at its substantial debt during the third quarter and managed to set a quarterly production record.
Quicksilver Sets Quarterly Production Record
Fort Worth-based Quicksilver Resources Inc. continued to chip away at its substantial debt and during the third quarter managed to set a quarterly production record.
More Fund Selling Still In the Mix; October Weakens
October natural gas retreated Tuesday as not all traders are on board with historical seasonal weakness leading to higher prices and the funds and managed accounts being unwilling to push the market lower from present price levels. October lost 3.1 cents to $3.798 and November shed 4.7 cents to $3.885. October crude oil rose $1.19 to $86.89/bbl.
Futures Buck the Trend; October Higher
October futures managed a modest gain Monday as traders grapple with a sense of seasonality but are forced to recognize the ongoing trend lower. At the close October had risen 2.0 cents to $3.829 and November was higher by 1.0 cents to $3.932. October crude oil plunged $2.26 to $85.70/bbl as Euro-worried equity markets fell.
Prices Record Small Increases at Nearly All Points
Even with heating load staying generally on the light side and weaker prior-day futures, cash prices managed to achieve modest increases at nearly all points Tuesday. It was among other market vagaries in which price moves seemed to be at odds with demand realities.
Buyers, Sellers Duke it Out Before EIA Report; September Up
September natural gas managed a modest gain Wednesday as traders positioned themselves ahead of the weekly inventory report. For every trader anxious to cover a short position there seemed to be another willing initiate a new sale. At the close September had risen nine-tenths of a cent to $4.003 and October added nine-tenths of a cent as well to $4.024. September crude oil rebounded from steep losses in the last two sessions, adding $3.59 to $82.89/bbl.
Analysts See Lower Storage Builds; August Gains
August natural gas futures managed to hold on to early gains and settle squarely in the bullish camp perplexing some traders. Longer-term observers see a strong physical market and the need to price in reduced injections in upcoming weeks. At the close August had risen 8.3 cents to $4.288, and September had gained 7.3 cents to $4.277. August crude oil fell $1.05 to $95.15/bbl.