November natural gas rose Thursday after a government report showed a smaller injection into gas storage than what analysts were expecting. The 10:30 a.m. EDT report by the Energy Information Administration showed a build of 103 Bcf, about 5 Bcf less than what was anticipated. At the close November had added 4.4 cents to $3.630 and December gained 2.1 cents to $3.834. November crude oil fell 81 cents to $85.30/bbl.
Rose
Articles from Rose
Onshore Development Causing Oil, Gas Supply Glut, Says Analyst
An interior oil and natural gas supply glut, the result of strong output from shales and tight oil and gas plays, is developing because infrastructure can’t keep up, and that in turn is pressuring prices, according to Canaccord Genuity.
Futures Inch Higher Despite ‘Slightly Bearish’ Storage Build
October natural gas futures rose Thursday despite the fact that the Energy Information Administration (EIA) reported an increase in working gas storage higher than what many traders were expecting. The prompt-month contract ventured north of $4 for a second straight regular trading session before closing the day at $3.980, up 4 cents from Wednesday. November futures added 2.3 cents to $4.068.
Traders Admit Seasonality; September Up by Double Digits
October natural gas rose Wednesday as traders noted a strong seasonal tendency for natural gas prices to rise in the August-November period and expected the government to release inventory figures Thursday showing increases in inventory about in line with seasonal norms. At the close October had risen 14.5 cents to $4.054 and November had added 14.9 cents to $4.173. October crude oil fell 9 cents to $88.81/bbl.
Technicians Rule; September Scores Double-Digit Gain
September natural gas futures rose Tuesday on a combination of technical buying and weather forecasts calling for greater heat at Midwest points. At the close September had risen 10.4 cents to $3.993 and October had gained 9.9 cents to $3.968. October crude oil gained $1.02 to $85.44/bbl.
Long-Term Storage Deficit Seen Growing; August Gains
August natural gas futures rose Monday as traders anticipated the long-term storage deficit becoming wider. At the close August futures had risen 5.2 cents to $4.363 and September had added 4.1 cents to $4.371. August crude oil bounded higher, posting a gain of $1.95 to $96.89/bbl.
Traders, Analysts Turning Bullish; July Gains
July natural gas rose Tuesday as traders cited a resilient market and expected forecasts of warmer-than-normal temperatures. At the close July had risen 7.1 cents to $4.388 and August had gained 7.1 cents as well to $4.423. July crude oil added 14 cents to $93.40.
Market Realigning, Traders Say; July Gains
July futures rose Friday as traders saw the day’s gains as part of a repositioning of the market following a Thursday overnight trade that plunged July to as low as $4.51 and a subsequent race back up that took July as high as $4.983.
Heat Levels Falling, But Most Points Flat to Up
Prior-day futures strength, in which the July contract rose a stout 14.8 cents, was able to offset some forecast declines of cooling load in a couple of key market areas in keeping most points flat to slightly higher Wednesday.
Technical Buying Lifts July to Double-Digit Gain
July natural gas futures rose sharply on a combination of technical buying ahead of the long weekend and algorithmic traders utilizing buy stop orders to limit losses. At the close July had advanced 15.8 cents to $4.518 and August had risen 15.2 cents to $4.557.