The market astonished many traders with its show of weekendstrength Friday. They had anticipated that a week of falling priceswas about to reverse, but few if any were looking for much morethan flat numbers at most points. Instead, only small declines atStanfield and Kingsgate differed from increases ranging from about20 cents in the Rockies to triple digits in California.
Rebounds
Articles from Rebounds
February Rebounds After Early Test of Support
With little in the way of fresh fundamental or technical news,natural gas futures limped mostly sideways yesterday as bargainbuying stemmed an early test of support. That enabled the Februarycontract to trim losses throughout the afternoon, closing 2.3 centslower on the session at $9.263
Only West Coast Misses Out on Price Rebounds
A revised National Weather Service forecast, expanding theprediction of below normal temperatures for the Christmas weekendto the entire United States except for the sparsely populated UpperPlains, kept most prices from softening Friday, as some hadanticipated. Except for the still-most-expensive West Coast market,all other points realized gains from about a dime (San Juan Basin)to a little more than 50 cents (Northern Natural Gas market area).
Sharp Declines, Rebounds, Leave Wide Daily Ranges
A blast of cold weather and snow in the Rockies and northernPlains helped lift cash prices more than a quarter from weekendlevels at some Rocky Mountain region locations, but cash prices atmost points east of the Rockies lost their footing early yesterdayand slid most of the day before regaining ground late in thesession.
Cool Weather Has East Softer While West Rebounds
Despite good support from gas futures, eastern cash prices weredropping by a nickel or so Monday as comfortable fall-like weatherprevailed almost everywhere and Hurricane Isaac remained extremelyremote from the Gulf of Mexico.
Western Rebounds Leads Mostly Firmer Overall Market
The cash market was relatively quiet Monday, and for quite a fewtraders, dismayed by last week’s hypervolatility, that suited themjust fine. Points in the East tended to range from flat to about anickel or so higher, while the West was considerably stronger withadvances of about a dime or more in most cases.
May Tests Support, Then Rebounds 6.6 Cents
Gas futures observers concluded Tuesday’s 6.7-cent slide was afalse breakout to the downside because May was unable to breakthrough support yesterday at $2.82 and rebounded a healthy 6.6cents on the day to $2.888. The high for the day was $2.900, whilethe low was $2.820. The three-month summer strip rose 5.7 cents to$2.918.
Nearly All Weekend Prices Softer, But Rallying Late
Overall prices for the weekend softened in Friday’s trading, butsome sizeable rebounds were occurring towards mid-morning as cashfollowed the screen back up after having previously followed itlower, several traders said.
Weather Causes Rebounds Except in West
With the futures screen lending little to no direction to thecash market, weather took over as the dominant influence Tuesday.Existing and expected chilly temperatures caused gains between 4and 10 cents in the Gulf Coast and Midcontinent regions. Northeastpoints made the biggest moves of the day, with many jumping morethan 15 cents.
West Rebounds Lead Slightly Firmer, Quiet Market
Finding little if anything impressive in the way of newinfluences, cash prices in general decided to take it easy Monday.Other than some sizeable western increases, which consisted mainlyof regaining price territory lost on Friday, most quotes were flatto slightly higher. A moderately softer screen combined with hotweather and no sign of an Atlantic tropical storm gave the marketlittle guidance, a Midcontinent trader said. Storage activityseemed little changed from last week, he said.