In an examination of last week’s Rockies basis to Henry Hub blowout — which saw Opal basis collapse to minus $6.71/MMBtu and Cheyenne Hub basis plummet to minus $7.23/MMBtu — Bentek Energy LLC finds “not much relief in sight” this summer for the region’s producers.
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Western Gains Contrast With East’s Majority Dips
Northeast citygates continued to plummet Monday, but the rest of the cash market turned in a mixed performance that saw gains at most western points along with several in the Midcontinent. The Gulf Coast recorded price movement in both directions that leaned mostly to the downside, while Midwest deliveries were solidly lower.
Futures Continue to Plummet, Down $4.758 from High
The trap door remained wide open Tuesday as January natural gas continued to plummet, carving out a low of $10.960 in afternoon trade before closing at $11.022, down $1.261 for the day. The move brings the contract’s three-day decline to $3.249.
Futures Plummet on ‘Significant’ EIA Storage Revision
Proving that skepticism over last week’s natural gas storage report was warranted, the Energy Information Administration (EIA) said Thursday morning that it significantly revised its report for the week ended Nov. 19 due to “a resubmission of data from one or more respondents.” The announcement immediately pulled the rug out from under the January futures contract, which ended up settling down 60.2 cents at $6.811.
Futures Plummet on ‘Significant’ EIA Storage Revision
Proving that skepticism over last week’s natural gas storage report was warranted, the Energy Information Administration (EIA) said Thursday morning that it significantly revised its report for the week ended Nov. 19 due to “a resubmission of data from one or more respondents.” The announcement immediately pulled the rug out from under the January futures contract, which ended up settling down 60.2 cents at $6.811.
Futures Plummet Following Wednesday’s Surprise Rally
After climbing by $1.018 in Wednesday’s market-shocking regular session, January natural gas futures aimed to take some of that excess back in trading on Monday.
Futures Plummet Following Wednesday’s Surprise Rally
After climbing by $1.018 in Wednesday’s market-shocking regular session, January natural gas futures aimed to take some of that excess back in trading on Monday.
Futures Plummet on Bearish Storage Report
“If at first you don’t succeed, try, try again” could have been the natural gas futures market’s motto over the past few days during which it attempted several times to break below the psychological $7.00 level. It finally paid off Thursday as December natural gas futures settled 41 cents lower at $6.873.
Futures Plummet on Bearish Storage Report
“If at first you don’t succeed, try, try again” could have been the natural gas futures market’s motto over the past few days during which it attempted several times to break below the psychological $7.00 level. It finally paid off Thursday as December natural gas futures settled 41 cents lower at $6.873.
Cash Market Has Unusually Quiet Trading Day; Futures Plummet
In one of the least volatile trading days in the cash market in recent memory, spot prices barely moved on Veteran’s Day, with many points inching up only a nickle while a few others fell a couple pennies. However, the cash market was a striking contrast to the futures market on Nymex, where the December contract collapsed 44 cents to $7.236 in response to falling crude oil and heating oil prices.