Sight

There is no relief in sight from gas demand growth in the Alberta oil sands that is eating into supplies available for export to the United States, according to a Canadian industrial gas consumer forecast.

Traders were in agreement that, with moderating weather trends in sight, there was little reason for prices to rebound across the board Thursday other than Wednesday’s action in Nymex’s crude oil trading pit, where crude for April delivery set intraday and daily settlement records.

Reflecting similar sentiments expressed around Wall Street, a Calpine Corp. executive indicated last Tuesday that declining wholesale natural gas prices are not likely to happen anytime soon, and in the longer run, imports of liquefied natural gas (LNG) and eventual Alaskan supplies won’t necessarily dampen prices as many industry observers have been predicting.

Reflecting similar sentiments expressed around Wall Street, a Calpine Corp. executive indicated Tuesday that declining wholesale natural gas prices are not likely to happen anytime soon, and in the longer run, imports of liquefied natural gas (LNG) and eventual Alaskan supplies won’t necessarily dampen prices as many industry observers have been predicting.

The amounts of decline tended to get smaller Thursday, but it was clear that the price direction remained definitively downward for the foreseeable future. Not counting flat to barely lower quotes at three western points, losses ranged from about a nickel to nearly 60 cents.

The amounts of decline tended to get smaller Thursday, but it was clear that the price direction remained definitively downward for the foreseeable future. Not counting flat to barely lower quotes at three western points, losses ranged from about a nickel to nearly 60 cents.

Striking lower for the third consecutive day, August natural gas futures on Friday came close to breaking through the psychological $6 mark, reaching a low of $6.07 on the day.

To no one’s surprise, swing prices for the last day of June kept falling Tuesday. The usual suspects were at work: overall mild weather with daily highs unable to struggle higher than the 80s virtually everywhere outside the desert Southwest and Florida, and energy futures weakness the day before that remained in force Tuesday.

Continuing the downhill slide from where the now-expired July contract left off on Monday, the August natural gas futures contract sloughed off another 8.3 cents on Tuesday to close at $6.118.