November futures plunged Wednesday as traders anticipate an inventory report to not only show additions to storage well above historical averages, but also surpass the record for October. At the close November had dropped 12.7 cents to $3.489 and December had shed 6.8 cents to $3.791. November crude oil fell 24 cents to $85.57/bbl.
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Futures Take Double-Digit Drubbing Following EIA Report
October natural gas futures plunged Thursday following the release of inventory data that came in higher than what traders were expecting. The Energy Information Administration (EIA) reported a hefty 87 Bcf increase, above many analyst expectations and higher than what floor traders had anticipated. At the close October had retreated 16.1 cents to $3.878 and November was down 13.6 cents to $3.981. October crude oil added 49 cents to $89.40/bbl.
Gastar Shares Fall on Public Offering News
Shares of Houston-based Gastar Exploration Ltd. plunged Tuesday after the company said it intends to offer 12,000,000 common shares in an underwritten offering.
Futures Sink to New Lows on 93 Bcf Storage Build
Front-month natural gas futures plunged to a new low for the downtrend Thursday following news that a whopping 93 Bcf was injected into underground storage for the week ending Oct. 15. The late-season build nearly doubled the five-year average injection for the week and more than quadrupled the addition recorded for the similar week last year.
BP Shares Hit as Company Tries Again on Leak
Shares of BP plc plunged in U.S. and UK markets Tuesday following the failure of the company’s latest attempt to staunch the flow of oil from its crippled Gulf of Mexico (GOM) well, which is feeding the worst oil spill in U.S. history. BP is working on perhaps its most risky effort to date to stop the flow.
October Futures Sink to Test Long-Standing Support
October futures values plunged on Wednesday as the newly minted front-month contract continued to approach the lows for the down move carved out by the preceding month. The October contract ended up closing Wednesday’s regular session at $2.715, down 10.6 cents from Tuesday’s finish.
Shale’s Boom, Economy’s Bust Doom Canadian Exports
Canadian natural gas exporters are taking a beating. Volumes fell by 17%, prices tumbled 68% and revenues plunged 74% in May, according to the latest trade records kept by the National Energy Board (NEB).
Canadian Exports Founder on Economy, Oversupply
Canadian natural gas exporters are taking a beating. Volumes fell by 17%, prices tumbled 68% and revenues plunged 74% in May, according to the latest trade records kept by the National Energy Board (NEB).
Cash Values Drop on Moderating Weather
Rounding out the flip-flopping action of the week, cash points unanimously plunged on Friday ahead of the weekend as moderating weather and Thursday’s hardy natural gas storage report made it very difficult to argue that the supply-demand equation is anywhere close to being balanced.
Screen Rally Unlikely to Revive Flagging Cash Prices
After futures had plunged 35.4 cents a day earlier, it was virtually inevitable that cash numbers fell at nearly all points Thursday. Some cooling load will be returning in the South Friday after a midweek cooldown, but the contribution to gas demand will be meager for the most part and overall weather fundamentals remain weak going into the weekend.