Cash prices overall fell an average of about a nickel Wednesday as temperature outlooks held close to seasonal norms and power generation economics got out of alignment. New England points suffered multi-dollar declines, but eastern and Texas prices weakened as well. At the close of trading the expired December contract had fallen 7.3 cents to $3.696 and January had lost 9.1 cents to $3.801. January crude oil fell 69 cents to $86.49/bbl.
Norms
Articles from Norms
Brief 50-Cent Dump Possible, Analyst Says; October Expires Weakly
October futures limped to a weak expiration Wednesday on the eve of a government report expected to show a storage increase well above historical norms. At the close October had retreated 6.8 cents to $3.759 and November had given up 7.6 cents to $3.799. November crude oil tumbled $3.24 to $81.21/bbl.
Stock Market May Dampen Seasonal Rise, Analyst Says; September Drops
September natural gas futures fell Wednesday as traders anticipated the release of inventory additions well above last-year and seasonal norms, but it was not enough to dampen the case for a seasonal advance, analysts pointed out. At the close September had fallen 7.1 cents to $3.922 and October had retreated 7.9 cents to $3.889. October crude oil shed 28 cents to $85.16/bbl.