Unimpressed with the fact that storage refills have officially fallen below last year’s record pace, July natural gas futures values on Thursday probed support for the second day this week as the prompt-month contract recorded a low of $4.698 before closing out the day’s regular session at $4.748, down 5.6 cents from Wednesday’s finish.
Refills
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NGI Reports Bidweek Prices Drop Between 25 and 70 Cents July over June
Reacting to a string of super-healthy storage refills and forecasts of a cool summer in the eastern and midwestern population centers, July indexes dropped between 25 and nearly 70 cents/MMBtu from the prices recorded by NGI in the June bidweek. The Henry Hub came in at $5.29 in the monthly numbers released last Tuesday, or 67 cents under the June quote of $5.96.
July 7, 2003
Relatively Small Storage Fill Give Bulls Brief Boost Thursday
Breaking the string of triple-digit weekly storage refills at four, the Energy Information Administration (EIA) Thursday morning announced a 97 Bcf injection for the week ending June 27. Natural gas futures prices, which were already in the process of a cautious short-covering rally, used the smaller-than-expected refill as a springboard to higher levels. But after a quick spike to an intra-day high at $5.36, the August contract was hit with a steady barrage of selling late Thursday morning and early afternoon. August closed mixed at $5.226, 2.7 cents higher in Thursday’s holiday-abbreviated trading session.
July 7, 2003
NGI Reports Bidweek Prices Drop Between 25 and 70 Cents July over June
Reacting to a string of super-healthy storage refills and forecasts of a cool summer in the eastern and midwestern population centers, July indexes dropped between 25 and nearly 70 cents/MMBtu from the prices recorded by NGI in the June bidweek. The Henry Hub came in at $5.29 in the monthly numbers released Tuesday, or 67 cents under the June quote of $5.96.
July 2, 2003
Futures Slip Lower as Storage Refills Ramp Up
Natural gas futures dropped lower Thursday morning as bears were rousted for the second week in a row by a larger-than-expected storage injection (57 Bcf). After falling a dime in the five minutes following the storage report, the market stabilized for the rest of the session. June futures closed at $5.267, down 11.8 cents for the day.
May 2, 2003
As Expected, Storage Bears Back in Control at Nymex
Amid yet another in a string of bearish storage refills, natural gas futures funneled lower Wednesday as commercial traders elected to take profits following a three-day, 75-cent price spike. Including yesterday’s 18.9-cent decline, the prompt contract has tumbled lower on nine of the last 10 Wednesdays for an average decline of 13.5 cents. July finished at $4.112 yesterday, near the bottom end of its $4.06-30 range on the day.
June 14, 2001
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