After trading higher in Nymex’s overnight Access session, November natural gas on Tuesday continued to rebound from its recent dip. Fears surrounding continued shut-ins, tied together with concerns about the impending winter, pushed the prompt month higher on the day to settle at $13.519, up 54.4 cents from Monday.
Overnight
Articles from Overnight
Category 4 Dennis Prompts Scramble Out of Eastern Gulf; At Least 1 Bcf/d Shut In
With Dennis having further strengthened into an extremely dangerous Category Four hurricane overnight, producers scrambled Friday morning to batten down the hatches in the eastern Gulf of Mexico (GOM) by evacuating platform and drilling rig workers and shutting in production as necessary. Pipelines with offshore segments or connections in the eastern Gulf were posting bulletin board warnings of expected supply losses as the day wore on and instructing shippers on the proper response.
Despite 6.4-Cent Gain, Futures Downtrend Remains Intact
With the June contract showing weakness in the Sunday overnight Access trading session, one might have expected that June’s $6.225 Access low might have left the basement door wide open for more exploration. That assumption would have been wrong Monday, as June natural gas rallied during the regular session to peak at $6.47 just prior to noon EDT.
Bearish 54 Bcf Injection, Crude Weakness Help NatGas Futures Continue Slide
After trading lower in the Wednesday overnight Access session, June natural gas futures continued to fall Thursday morning, pressured by a modestly bearish natural gas storage injection and weakening June crude oil futures, which slipped below the psychological $50/bbl level.
Futures Resume Downtrend as Petroleum Weakness Trumps Colder Weather
After having settled at $6.697 on Monday, June natural gas futures on Tuesday could make it no higher than $6.675 following a sell-off in overnight Access trading. Beginning its regular session slide just before 11:30 a.m. EDT, the prompt month ended up recording a $6.50 low just before settling at $6.515, down 18.2 cents on the day.
May Futures Undecided on Direction Ahead of Expiry
After trading lower in the overnight Access trading session, May natural gas futures broke down to a low of $7.02 in trading on Tuesday afternoon. However, the May contract, which expires on Wednesday, rebounded in the afternoon to settle at $7.12, down 3.3 cents on the session but just 1.5 cents less than the high for the day.
April Futures Remain Stuck Within 25-Cent Range as Funds Seen Making Seasonal Turn
After trading significantly lower in overnight Nymex Access activity, April natural gas futures went on to set a session low of $6.63 on Monday morning, giving the appearance that the $6.55 support level of the current futures range could be in danger. Despite the scare, the prompt month rebounded in the afternoon to finish the day at $6.714, down 3 cents on the day.
April Futures Maintain Position After Testing Lower
After being called significantly lower in overnight Access trading, April natural gas futures appeared ready to probe support lines, reaching a low on Tuesday of $6.55 in morning trading. However, the prompt month spent the rest of the session pulling itself back up to settle at $6.68, down only 5 cents on the day.
Futures Rally Back Above $6, But Stay Could Be Short-Lived
Finding the sub-$6 level a little low for their liking, natural gas futures traders pushed the market higher in the overnight Access session and kept the momentum going through the regular trading session Tuesday.
Futures Break Below $6 on ‘Spring-Like’ Weather
Breaking through the $6 mark in Nymex’s overnight Access session without batting an eyelash, February natural gas futures stayed well below the psychological level all day Monday. After hitting a low of $5.71 on the session, the prompt month settled at $5.79, down 35.9 cents from Thursday’s settle.