Overall cash market weakness of about a nickel was led by Northeast marketers anxious to unload what may have been some overzealous purchases for July. Points on Transwestern were also lower as a compressor station was expected to return to service. At the close of futures trading August was unchanged at $2.824 after opening about a nickel lower and September softened .01 cent to $2.832. August crude oil fell $1.21 to $83.75/bbl.
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Futures Head Higher on Offshore/Onshore Drilling Uncertainties
A natural gas market eager to see whether last week’s breakout to the upside was warranted or a bout of overzealous exuberance received confirmation of the former on Monday as the July natural gas futures contract tested resistance at $5 for a second consecutive session before closing out the day at $4.916, up 11.9 cents from Friday’s regular session finish.
June 8, 2010
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