With temperatures across much of the East Coast pushing abovethe 70-degree mark yesterday, natural gas futures traders hadlittle choice but to take prices lower. But in contrast to lastThursday’s price direction, which had the trajectory of a safepushed out of a 10-story building, Monday’s market had a some lifeleft in it, enabling traders to trim losses throughout much of thesession. After reaching a low of $2.805 during the first 30 minutesof trading, the December contract battled back to finish at $2.914,off 4.7 cents for the day. Estimated volume was light with just57,373 contracts changing hands.
Articles from Pushing
After pushing the futures market lower into the weekend, thebears were at it again early yesterday as they ushered the Maycontract to its lowest level since last Wednesday. But sellingquickly dissipated, leaving the market exposed to unchecked buying.The May contract finished up 4.5 cents at $2.169 after notching a$2.18 high.
Columbia Gas Transmission Corp., a partner in MillenniumPipeline, has joined the growing ranks of pipeline sponsors thatare asking FERC to issue preliminary determinations (PDs) posthaste so that they can finalize shipper commitments and meet theirprojected in-service dates.
All sources were on the same page Tuesday regarding what waspushing cash prices upward. “Blame the screen,” they chorused,because there weren’t any fundamentals around at which to point.Just about every point was up between 10 and 15 cents, except forintra-Alberta increases of a little over a nickel.