August natural gas futures drifted lower Monday as traders expect a rangebound market. At the closing bell August futures had fallen 1.3 cents to $4.386 and September had shed 1.5 cents to $4.355. September crude oil retreated 67 cents to $99.20/bbl.
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Rangebound Market a Challenge for Traders; May Softens
May futures drifted lower in uninspired trading Friday as traders struggled to get orders filled and had to adjust to a low-volatility rangebound market. At the close May futures had inched lower 0.8 cent to $4.204 and June fell 0.5 cent to $4.264. In contrast, May crude oil bounded higher by $1.55 to $109.66/bbl.
Sellers Seen Waiting in the Wings; April Weakens
April natural gas futures drifted lower Monday as traders continue to focus on a rangebound market and see no compelling reason for prices at current elevated levels. At the close April futures eased seven-tenths of a cent to $4.161 and May slid five-tenths of a cent to $4.241. April crude oil vaulted $1.26 to $102.33/bbl.
Gas Prices ‘Rangebound’ into 2011, Say Analysts
Natural gas prices may be “rangebound” into 2011 and could, in fact, be lower than average prices this year, two separate energy analysts said last week.
Goldman Sachs: Regional Benefits Warranted for Onshore E&Ps
Natural gas prices may be “rangebound” into 2011, but Goldman Sachs energy analysts expect exploration and production (E&P) companies that dominate the lower-cost North American resource plays to become “regional beneficiaries” versus integrated oils and private producers. The benefits derived from drilling specific plays warrant “premium multiples versus historical averages,” said the team.
Goldman Sachs: Regional Benefits Warranted for Onshore E&Ps
Natural gas prices may be “rangebound” into 2011, but Goldman Sachs energy analysts expect exploration and production (E&P) companies that dominate the lower-cost North American resource plays to become “regional beneficiaries” versus integrated oils and private producers. The benefits derived from drilling specific plays warrant “premium multiples versus historical averages,” said the team.
November Adds 10.3 Cents in Lackluster Session
November natural gas futures managed a late-session rally Tuesday, but traders discounted the move and indicated that the market was largely rangebound with a bias toward lower prices. November futures rose 10.3 cents to $6.844, and December gained 9.7 cents to $7.088. November crude oil skidded $3.36 to $70.89/bbl.