The Environmental Defense Fund (EDF) has allowed itself “to be co-opted by industry interests on the issue of hydraulic fracturing [fracking] for shale gas,” and does not speak for local communities on the issue, representatives of 67 grassroots organizations said Wednesday.
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With low trading volume as a number of traders opted to extend their already long weekend, May natural gas futures traded well within a dime on Wednesday before closing out the lackluster regular session at $3.630, up 6.8 cents from Tuesday’s finish.
Natural gas futures trading during Friday’s shortened session was a quiet affair as a number of market players opted to extend the already long weekend. Finishing up the bearish week, the January contract traded in a slim 9-cent range from $6.625 to $6.715 before settling at 1 p.m. EST at $6.635, down 16.5 cents on the day and 77.4 cents lower than the previous week’s close.
Tired of exploring the upper end of the range during the prior two sessions only to fail, natural gas futures traders opted to take the low road instead on Friday. Trading within a minimalist $6.02 to $6.115 range, March natural gas futures were actually able to break the two-day streak of settling relatively unchanged. The prompt month settled at $6.093, down 6.7 cents on the session and less than a cent lower than the previous week’s $6.096 close.
Confronted with a bearish storage situation and a bullish weather outlook, natural gas traders opted to follow the guidance of the latter Thursday as they lifted the market off of a negative close to notch the first positive close for the week. The January contract received the biggest buying boost, shuffling 7 cents higher to close at $2.686. Estimated volume of 90,049 was high considering the extremely-tight, 5-cent trading range.