Overall, cash prices fell 3 cents Friday in a broad retreat as only a handful of points made it to the positive side of the trading ledger. Offsetting the pervasive selling was the Northeast, which scored double-digit gains. Eastern locations were mixed, but the Rockies and major market trading points fell hard. At the close of futures trading, July had fallen 10.6 cents to $3.771 and August was down 10.6 cents as well to $3.793. August crude oil continued its losing ways, giving up $1.45 to $93.69/bbl.
Retreat
Articles from Retreat
Cash Slips On Mild Weather, But Futures Swoon On Storage Stats
Physical natural gas values fell an average of approximately 8 cents Thursday for Friday delivery as the retreat was in full swing prior to the release of Energy Information Administration (EIA) storage data.
Natural Gas Missed Memo on Lower Output, Says Analyst
Even with the big retreat by operators in U.S. onshore natural gas plays, domestic output will continue to grow “for the foreseeable future,” according to Raymond James & Associates Inc. energy team.
Broad Decline Led By Northeast Points; Futures Stumble
Cash market prices fell just over a nickel on average Wednesday as weakness at Northeast points led a broad retreat. Natural gas futures were even softer. At the close January futures had fallen 9.8 cents to $3.320 and February sank 8.9 cents to $3.366. January crude oil added $1.58 to $89.51/bbl.
Still More Downside, Figures Show; December Slides
December futures continued their relentless retreat Wednesday as traders calculated that spot futures may have almost 18 cents more room to the downside and weather forecasts moderated again. At the close December had dropped 6.0 cents to $3.344 and January had shed 5.9 cents to $3.483. December crude oil vaulted $3.22 to $102.59/bbl.
Bearish Consensus Building; May Falls Again
May natural gas futures continued to retreat Tuesday as traders were inclined to sit on the sidelines and await Thursday’s Department of Energy (DOE) report on inventories. Some see prices eventually reaching $4.00. At the close May had fallen 5.8 cents to $4.231 and June skidded 5.9 cents to $4.304. May crude oil shed 13 cents to $108.34/bbl.
Technical Support Holds as Storm Brews; November Slides 5 Cents
November natural gas futures continued to retreat as traders noted that much of the direction of the market was determined as much by spread trading as the trading of outright positions. At the close November futures fell 5.0 cents to $3.601 and December shed 3.6 cents to $4.010. November crude oil skidded 45 cents to $82.21/bbl.
Modest Softness Continues in Most of Market
Price changes continued to be mixed for a second straight day Tuesday, but slight downturns remained slightly dominant. A small retreat of high temperatures coming Wednesday in parts of the South, along with mild forecasts for the Northeast, Midwest/Midcontinent and Rockies, were abetted by the previous day’s decline of about a nickel by September futures in sending a small majority of cash points lower.
Prices Make Small Rebounds at Nearly All Points
Weather forecasts, while cooling a bit further in the Midwest and beating a temperature retreat in the Northeast, certainly were still too moderate in most cases to explain small price increases at most locations Wednesday. It could only be concluded that the previous day’s relatively paltry 3.1-cent gain by May futures and storage buyers grabbing at what looked like bargain gas — for now — was behind the mild rally.
Prices Make Small Rebounds at Nearly All Points
Weather forecasts, while cooling a bit further in the Midwest and beating a temperature retreat in the Northeast, certainly were still too moderate in most cases to explain small price increases at most locations Wednesday. It could only be concluded that the previous day’s relatively paltry 3.1-cent gain by May futures and storage buyers grabbing at what looked like bargain gas — for now — was behind the mild rally.