Retreated

Natural gas futures retreated as observers see the market poised to work lower as it backs off from the upper end of its recent trading range. With prices as high as they have been recently, it may be a good time to sell, they say. June futures fell 3.9 cents to $4.131 and July skidded 4.6 cents to $4.225. June crude oil shed 43 cents to $76.37.

ExxonMobil Corp., the world’s largest publicly traded oil major, saw its quarterly profits plummet 68% from a year ago as commodity prices retreated. Meanwhile, Royal Dutch Shell plc sees “some indications” that energy demand and pricing are improving but the “outlook remains very uncertain and we are not expecting a quick recovery,” CEO Peter Voser said last week.

ExxonMobil Corp., the world’s largest publicly traded oil major, saw its quarterly profits plummet 68% from a year ago as commodity prices retreated. Meanwhile, Royal Dutch Shell plc sees “some indications” that energy demand and pricing are improving but the “outlook remains very uncertain and we are not expecting a quick recovery,” CEO Peter Voser said Thursday.

November natural gas futures retreated Friday as fund and managed account traders made technically based sales, momentarily taking some money off the table while awaiting a chance to reenter the market on the long side next week.

September natural gas futures retreated Wednesday as traders noted continued pressure on the front end of the board, but suggested the market was well supported at lower price levels. At the close September natural gas fell 6.2 cents to $3.479 and October shed 4.5 cents to $3.767. September crude oil gained 71 cents to $70.16/bbl.

August natural gas futures retreated Monday as traders cited a bevy of sell offers above the market and an underlying sentiment that near-term trading opportunities lay on the short side of the market. The August contract fell 9.1 cents to $3.604 and September dropped 9.3 cents to $3.768. September crude oil rose 33 cents to $68.38/bbl.

July natural gas futures retreated Tuesday as traders saw the market adjusting to cash quotes and admitted that much of Monday’s 32.5-cent advance was stop-loss orders getting hit and not the result of any fundamental change in the market. July futures fell 5.3 cents to $4.129 and August dropped 7 cents to $4.312. July crude oil eased 15 cents to $70.47/bbl.

March natural gas futures retreated in lackluster trading Friday on the New York Mercantile Exchange. Prior to the open of floor trading the March contract did breach the $4.00 level, trading as low as $3.921 in early Globex trading. Traders cited continued worries of a pervasive supply overhang, although others see factors in play working to contract the surplus. At the close March futures had fallen 7.2 cents to $4.006 and the April contract was down 7.5 cents to $4.036. March crude oil dropped 54 cents to $38.94/bbl.

February natural gas futures retreated Tuesday as traders had to navigate both a strong dollar and seasonal analyses showing a deferral of the preseason low by up to two months. February futures skidded 15.9 cents to $4.642 , and the March contract dropped 18.2 cents to $4.631. The expiring February crude oil contract enjoyed last-minute buying and rose $2.23 to $38.74, but more distant contracts fell.