Small

Although there was only a fairly small return of heat in the Northeast Monday and some areas there were already due to start seeing high temperatures slacken again a few degrees Tuesday, Northeast citygates recorded most of the largest upticks of up to about 35 cents. One source suggested that Monday’s moderate temperature upticks may have spurred a little extra buying by Northeast traders to resolve unexpected Monday imbalances.

Prices continued to drop by generally small amounts at nearly all points Thursday despite cooling load remaining heavy in some areas. A few cooling trends and the previous day’s downturn of 6.5 cents by prompt-month futures were primary components of the cash market softness.

The market rallied by generally small amounts Monday from the overall weakness it was experiencing going into the weekend. Although Tropical Storm (TS) Don had long since dissipated over South Texas and forecasts going out to mid-August are more moderate than before, heat is building to high — sometimes severe — levels in much of the U.S., especially in the central region and parts of the desert Southwest.

Officials with the City of Morgantown, WV, said the city might take Northeast Natural Energy (NNE) to court if the city passes an ordinance banning hydraulic fracturing (hydrofracking) and the company subsequently starts using the practice at two Marcellus Shale gas wells.

July natural gas took another small step higher Wednesday as traders adjust to strong interest by algorithmic and fund players and expectations of much-below-normal inventory increases in a government inventory report Thursday.

The first day of the 2011 Atlantic hurricane season started right on cue Wednesday with a small area of low pressure forming off the east coast of Florida, and forecasters at Colorado State University (CSU) said they expect that system signals the opening of six months of above-average tropical storm activity.

Small declines were still in a modest majority Thursday in a market that saw no changes of more than a nickel or so either up or down at any location. The flat to slightly higher quotes were chiefly due to some growth of cooling demand in the Northeast and South along with the previous day’s rise of 3.4 cents by June futures.

Domestic shale gas will increasingly be developed by the majors, an energy industry financier told an audience in Pittsburgh on Monday.

Mostly small losses continued Thursday at nearly all points. Not much heating load remains in any market area; the South is only gradually building up to some significant cooling demand, and a minimal amount of the previously estimated potential quarter Bcf/d of South Louisiana shut-ins due to flooding is occurring.