Moderate

Prices continued to fall at most points Friday as temperature forecasts remained relatively moderate for most areas in late August, a lengthy streak of futures weakness continued and there was still no threat to offshore production from Atlantic tropical activity.

Modest gains dominated the cash market Monday, even though warm to moderate forecasts in most areas were mostly unsupportive of price bullishness. However, a minor 3.2-cent uptick by September futures on the preceding Friday did help.

The August aftermarket began slightly softer at most points as traders regarded generally moderate mid-summer temperatures in the Northeast and Midwest and the usual weekend drop of industrial load as more important than the previous day’s 10.9-cent climb by September futures in their prompt-month debut.

The hot weather that had helped sustain moderate price increases during the previous two days was either already fading to some degree or about to do so in key northern market areas Thursday. The result was mixed price movement in trading for Friday flows, with mostly modest gains and losses close to evenly divided.

June natural gas futures rose in moderate activity Tuesday as traders focused on funds rolling short positions prior to Wednesday’s June contract expiration as well as forecasts of hot weather for eastern markets.

The next quarter century will bring moderate growth in U.S. energy consumption, strong growth in shale gas production and increased use of renewable fuels, the Energy Information Administration (EIA) said in its latest Annual Energy Outlook (AEO2010).

The next quarter century will bring moderate growth in U.S. energy consumption, strong growth in shale gas production and increased use of renewable fuels, the Energy Information Administration (EIA) said in its latest Annual Energy Outlook (AEO2010) Tuesday.

Aided by moderate screen weakness the prior day, cash point averages on Thursday for Friday delivery came off a couple of pennies at a majority of locations with one point apiece in the Northeast, Texas, Rockies and the West shedding a dime while Dawn in the Midwest dropped 20 cents.

Prices continued to ignore mostly moderate weather in registering small gains at most points Thursday. The previous day’s 5.5-cent increase by expiring May futures played a role in the general cash firmness, as did temperatures reaching the low to mid 80s in much of the South.