Cash and futures posted strong gains with nearly all points into the black, some in double-digits.
Seasonal
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Total Takes Sabine Pass LNG Capacity
Total Gas & Power North America Inc. has agreed to buy the equivalent of 91,250,000 MMBtu of liquefied natural gas (LNG) annually plus 13,500,000 MMBtu of seasonal LNG volumes upon the commencement of train five operations at the Sabine Pass Liquefaction LLC project in Louisiana, project developer Cheniere Energy Partners LP said Monday.
BofA Nudges 2013 Natural Gas Price Forecast Up 25 Cents
With natural gas stocks at levels below the seasonal norm after a summer of market rebalancing, analysts at Bank of America Merrill Lynch (BofA) Monday lifted their 2013 average gas price forecast by 25 cents to $3.75/MMBtu.
Quicksilver Battening Down After 2Q Loss
Debt- and dry gas-laden Quicksilver Resources Inc. posted a hefty loss for the second quarter, largely due to a nearly $1B asset impairment reflecting low commodity prices. On Tuesday management talked up plans to right the balance sheet and weather the low-price period with spending cuts and other measures.
Driller: In the Marcellus, Growth Has Its Seasons
Executives at drilling and pressure pumping contractor Patterson-UTI Energy Inc. have experienced a seasonal slowdown in the northeastern U.S. energy patch, they told financial analysts during an earnings conference call.
Few Points Able to Avoid General Price Slide
With most areas returning to seasonal or warmer-than-normal temperatures, the decline in heating load was sufficient to cause lower prices at all but three points Thursday. The relatively rare substantive gain of 10.3 cents by February futures a day earlier obviously had little impact in stanching the continued bleeding of cash prices.
Light Weather-Based Load Extends Price Slide
Battered by seasonal early-fall weather throughout nearly all of the market, further loss of storage injection capability and the weekend decline of industrial load, the cash market fell at all locations but one Friday.
Surge of Storage Bullishness Firms Cash Quotes
Even with heat forecasts in most areas remaining on the seasonal to relatively mild side for the middle of one of the hottest months in the year, prices rose at nearly all locations Friday. Largely ignoring the usual weekend downturn of industrial demand, the cash market instead derived most of its strength from the previous day’s below-expectations storage injection report for the preceding week and the subsequent bullish reaction by futures traders.
Most Points Down as Milder Weather Spreads
With the transition to more seasonal springtime conditions continuing to displace the winter-like weather that lingered through much of March in several areas, prices fell at a large majority of points Thursday. The previous day’s further drop of 8.5 cents by May futures, extending a string of screen weakness into its fourth day, put more downward pressure on cash numbers.
Temps Appropriate for Mid-Fall Soften Market
Seasonal fall temperatures are due to reign in most areas as the new month begins Monday, and that was bearish news for the cash market. Even without the “weekend factor” of light industrial load in effect, prices fell at a large majority of points Friday.