Cash quotes overall fell 7 cents Tuesday as Northeast points reacted to an expected moderation in temperatures as well as weaker power prices and led the march lower. Eastern points weren’t too far behind, and gas for delivery Wednesday into the Great Lakes area slid about a nickel. July natural gas slid 9.2 cents to $3.647 and August dropped 9.0 cents to $3.670. August crude oil added 14 cents to $95.32/bbl.
Quotes
Articles from Quotes
Eastern Points Lead Market Lower; Futures Continue Slide
Natural gas cash market quotes were on average nearly 5 cents lower Tuesday for Wednesday delivery as near-term weather patterns showed moderation in key eastern energy-consuming regions. Northeast locations led the trend lower, but major market centers nationally were lower as well. At the close of trading, July futures had fallen 7.6 cents to $3.724, and August was off 7.8 cents to $3.743. July crude oil declined 39 cents to $95.38/bbl.
California Weakness Offset by Firmness Elsewhere; Futures Swoon
The physical market slipped about a penny Thursday with quotes mostly about one or two cents on either side of unchanged. California points suffered a serious drubbing as a trio of factors combined to send points in the southern portion of the state reeling. Industrial users buying at index saw a market that did not look like it would turn around for several years and admitted any losses on the purchase of physical gas were made up by gains in the financial markets.
Soft Bidweek Seen, But February Futures Expire on a Firm Note
Overall cash prices weakened Friday with the largest declines seen on the West Coast. Gulf Coast quotes were off about a dime, but prices into the Northeast moved higher as they followed surging electric power prices. Futures prices managed a gain as traders elected to cover shorts ahead of the weekend. At the close of futures trading February had added 7.3 cents to $2.678, which is 33.5 cents higher than the contract’s finish the previous week.
East, West Coast Cash Points Score Gains
Cash quotes nationwide showed nearly double-digit gains on Thursday, but little strength was seen at Gulf Coast points. Western prices firmed based on strength at AECO and prices rose at eastern pipelines.
Prices End Week Mixed and Mostly Near Flat
Price movement was approximately evenly mixed between small gains and small losses of up to nearly a dime either way. Flat quotes were common, and none of the changes up or down reached double digits. The increases tended to be concentrated in the Midcontinent and Rockies.
Mild Firmness Rules; Formerly Soaring Northeast Dips
The vagaries of spot gas pricing were in play again as some areas with colder forecasts for Wednesday, such as the Northeast, saw quotes record sizeable declines Tuesday, while numbers in still relatively moderate areas, such as the as the western end of the South (New Orleans and Houston), moved higher.
Modest Gains Prevail in Mostly Flat Market
It was kind of a doldrums-type market Thursday, with flat quotes at many points and none of the other ones straying more than about a nickel up or down. Spotty returns of chillier weather in some areas, along with the previous day’s futures uptick of 4.3 cents, assured that small gains handily outweighed the rare small loss.
Modest Gains Prevail in Mostly Flat Market
It was kind of a doldrums-type market Thursday, with flat quotes at many points and none of the other ones straying more than about a nickel up or down. Spotty returns of chillier weather in some areas, along with the previous day’s futures uptick of 4.3 cents, assured that small gains handily outweighed the rare small loss.
Winter Storms Fail to Avert Declines at Most Points
Only a gain of about a nickel by the Florida citygate, spurred primarily by Florida Gas Transmission’s issuance of an Overage Alert Day (see Transportation Notes), and flat quotes at Westcoast Station 2 were left out of Thursday declines ranging from a little less than a nickel to about 20 cents. Despite having a major storm with plentiful snowfall due to linger through the weekend, the Northeast recorded most of the biggest losses.