Modest

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.

Cash prices shrugged off the previous day’s screen drop of 11.7 cents and slightly receding cooling load and instead focused on the modest increase of potential in a tropical storm named Alex reaching the Gulf of Mexico (GOM) production area as they recorded gains at virtually all points Wednesday.

Cash prices had continued to put up a brave front through Monday with modest firmness overall, but the bullish facade could not be maintained Tuesday. Instead, losses that were mostly measured in double digits reigned across the board as more prior-day futures softness, a downgrade of prospects for the season’s first named tropical storm entering the Gulf of Mexico and forecasts of small reductions of cooling load in several regions ganged up on the physical market.

Most of the cash market varied little from flat Friday, but modest softness in the West tended to be barely more plentiful than small gains at eastern points. Moderately warmer temperatures were returning in the South, Northeast and Midwest, and cooling trends in the Rockies and desert Southwest were resulting in little cooling load remaining at western trading points.

June natural gas futures rose in modest trading Monday on the New York Mercantile Exchange. Although traders see no change in the fundamentals that would suggest any kind of bull move is imminent, there are short-term opportunities on the long side in the current market environment.

June natural gas futures carved out a modest advance Thursday after the release of government inventory data showed increases less than what the market was expecting.

Relatively modest levels of liquefied natural gas (LNG) imports to the U.S. over the last two years have “lulled investors to sleep,” and imports this year could be “up dramatically” if natural gas prices are $5 or more, analysts at Raymond James & Associates Inc. said last week.

Relatively modest levels of liquefied natural gas (LNG) imports to the U.S. over the last two years have “lulled investors to sleep,” and imports this year could be “up dramatically” if natural gas prices are $5 or more, analysts at Raymond James & Associates Inc. said this week.

Relatively modest levels of liquefied natural gas (LNG) imports to the U.S. over the last two years have “lulled investors to sleep,” and imports this year could be “up dramatically” if natural gas prices are $5 or more, analysts at Raymond James & Associates Inc. said this week.