After weeks of digesting larger-than-expected additions to gas storage inventories, traders on Thursday were shocked in the other direction as the Energy Information Administration (EIA) reported that a smaller-than-expected 73 Bcf was injected underground for the week ending April 16.
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Smaller-Than-Expected Storage Addition Ignites Futures Higher
After weeks of digesting larger-than-expected additions to gas storage inventories, traders on Thursday were shocked in the other direction as the Energy Information Administration (EIA) reported that a smaller-than-expected 73 Bcf was injected underground for the week ending April 16.
Futures Get a Lift from Bullish 66 Bcf Storage Draw
Continuing its recent run of unpredictability, the Energy Information Administration’s (EIA) natural gas storage report for the week ended Nov. 21 once again shocked traders and analysts. The 66 Bcf withdrawal for the week was larger than most market watchers were expecting, which combined with a bullish winter weather forecast allowed January natural gas futures to close Wednesday at $6.878, up 49.2 cents from Tuesday’s finish.
Futures Still Range-Bound, But for How Long?
Coming off of a quiet session Thursday, most traders were shocked Friday when natural gas futures pushed higher in afternoon trading to close at $7.899, up 17.3 cents on the day, but 3.9 cents lower than the previous week’s close.
Canada’s Energy Patch Awaits Fallout From Trust Tax Shocker
Last week’s announcement by Canadian Finance Minister Jim Flaherty of a proposal to tax income trusts shocked many in his country’s oil patch, but soon a degree of calm had returned as it sunk in that existing trusts wouldn’t be affected until 2011. Some even predicted a silver lining of greater fiscal discipline among energy trusts, should the measure pass, while many still found much not to like.
Futures Head Lower on Storm Weakening, Storage Injection
One week after a 7 Bcf weekly storage withdrawal shocked natural gas storage prognosticators, the Energy Information Administration (EIA) reported Thursday that 19 Bcf was injected into underground stores for the week ended July 28, reflecting a number that much of the industry had been expecting. The report allowed September natural gas to continue lower — a direction the contract had begun in Wednesday overnight trading on word that Tropical Storm Chris was still weakening.
Unexpected Mid-Winter Storage Injection Sends Futures Plunging Sub-$10
The Energy Information Administration (EIA) shocked even the most veteran industry prognosticators Thursday, announcing an “incredibly bearish” 1 Bcf addition to natural gas storage inventories for Christmas week. The injection, which sparked questions about the report’s validity, sent February natural gas plunging lower Thursday to settle at $9.499, down 69.8 cents for the day.
Bay State’s IT Customers Hit with $317/MMBtu Penalties
Some dual-fuel interruptible natural gas customers of Bay State Gas Co. in Massachusetts, New Hampshire and Maine were shocked when they found out that they may have to pay $317.10/MMBtu for any gas they have used since an operational flow order and curtailment period began on Christmas Eve.
Consultant: Record Storage Injection Shows Demand Destruction at 7 Bcf/d
Futures traders were shocked by the second record weekly gas storage injection in a row last week, but at least one market expert is calling for a third record injection this week, which could send prices down much further.
Consultant: Record Storage Injection Shows Demand Destruction at 7 Bcf/d
Futures traders were shocked by the second record weekly gas storage injection in a row last week, but at least one market expert is calling for a third record injection this week, which could send prices down much further.