Quiet

With little in the way of fresh fundamental news, natural gas futures moved sideways Friday, as traders held the market to an extremely tight, six-cent trading range. A modest downtick at the closing bell was enough to pressure prices below unchanged on the day. The July contract finished at $3.742, down a half-cent for the session and 23.7 cents lower for the week. Since becoming the prompt month nearly four weeks ago, July is down 6.8 cents after trading as low as $3.67 (May 30) and as high as $4.44 (June 12).

Traders returned to a fairly quiet market Monday in which prices increased by about a dime or less at most eastern points but by considerably larger amounts in the West. California was heating up rapidly and registered triple-digit recoveries from weekend softness.

The week’s market activity came to a quiet close Friday with prices at most eastern points and Permian/Waha hovering on either side of flat, but with a slight bias to the upside. Western markets were generally softer, with California once again way out in front, leading a downhill charge.

With little in the way of fresh fundamental or technical developments, natural gas futures slid sideways and lower for the second day in a row Tuesday, as traders elected to remain mostly on the sidelines ahead of fresh storage data to be released this afternoon. The May contract closed 4.7 cents lower at $5.078.

A quiet market week showed no inclination for change going intothe weekend. Most points ranged from flat to up a dime, but only afew rose more than a nickel or so. Major departures from theoverall market trend were (where else?) in California, where Malinpushed nearly a dollar higher while the border and PG&Ecitygate slipped about 35-40 cents each.

Except for an hour of storage data-induced volatility from 2p.m. (EST) to 3 p.m. (EST), natural gas futures were quietyesterday as traders were reluctant to pressure prices outside therecent trading range. At the closing bell, April prices were 3.5cents stronger at $5.35.

Without much in the way of fresh fundamental news, natural gasfutures limped lazily lower during the regular open-outcry sessionyesterday after an early foray to the $7.85 level failed to attractadditional buying. With that, the January contract notched itsthird down-day in a row, closing 12.4 cents lower at $7.413.Estimated volume of just 51,593 was evidence of a price move thatlacked conviction, traders observed.

Hurricane guru William Gray of Colorado State University is predicting a relatively quiet tropical weather season in the Atlantic and Caribbean next year mainly because of a weak to moderate El Nino. Gray expects nine named storms. Five storms would become hurricanes and two of those would be major hurricanes.

Hurricane guru William Gray of Colorado State University ispredicting a relatively quiet tropical weather season in theAtlantic and Caribbean next year mainly because of a weak tomoderate El Nino. Gray expects nine named storms. Five storms wouldbecome hurricanes and two of those would be major hurricanes.