Where is rising gas supply supposed to go? New and ongoing restrictions on storage injections, moderate springtime weather being prevalent and a five-day string of futures losses pressured the cash market into losses at nearly all points Friday. The usual weekend decline of industrial load was an additional, albeit minor, bearish factor.
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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.
Even With Little Weather Help, Most Prices Up
With springtime temperatures firmly established for most of the U.S. and only a few upper Northeast locations outside parts of Western Canada expected to get as low as freezing Tuesday, the cash market had to depend on the previous Friday’s 16.1-cent advance by May futures and the restoration of industrial demand after its usual weekend timeout in realizing mostly double-digit gains at a large majority of points Monday.
Even With Little Weather Help, Most Prices Up
With springtime temperatures firmly established for most of the U.S. and only a few upper Northeast locations outside parts of Western Canada expected to get as low as freezing Tuesday, the cash market had to depend on the previous Friday’s 16.1-cent advance by May futures and the restoration of industrial demand after its usual weekend timeout in realizing mostly double-digit gains at a large majority of points Monday.
Further Mild Temps Unable to Prevent Overall Rally
Even with springtime weather becoming more in evidence in nearly all areas as the Easter weekend approaches, prices saw fairly substantive gains at nearly all points Wednesday. The screen breaking a recent losing streak with a 5.7-cent rally Tuesday obviously played a role, but sources suggested several other minor factors that may have combined into an up day for cash.
Further Mild Temps Unable to Prevent Overall Rally
Even with springtime weather becoming more in evidence in nearly all areas as the Easter weekend approaches, prices saw fairly substantive gains at nearly all points Wednesday. The screen breaking a recent losing streak with a 5.7-cent rally Tuesday obviously played a role, but sources suggested several other minor factors that may have combined into an up day for cash.
Lack of Heating Load Has Nearly All Points Falling
With springtime weather abounding in most areas and forecasts of sub-freezing lows rare outside Canada and sections of the Upper Plains near the Canadian border, prices continued to drop in most of the market Monday. Last Friday’s decline of 10.9 cents by April futures further depressed cash prices, and the return of industrial demand from its usual weekend hiatus had virtually no supportive effect.
Lack of Heating Load Has Nearly All Points Falling
With springtime weather abounding in most areas and forecasts of sub-freezing lows rare outside Canada and sections of the Upper Plains near the Canadian border, prices continued to drop in most of the market Monday. Last Friday’s decline of 10.9 cents by April futures further depressed cash prices, and the return of industrial demand from its usual weekend hiatus had virtually no supportive effect.
Hot-Cold Combo, Screen Push All Points Higher
Though forecasts of seasonal springtime temperatures remain the norm for most areas, the cash market was able to find enough traction in weather-based demand to rise at all points Wednesday. It also derived support from the run-up of 6.8 cents in Tuesday’s expiration-day trading of May futures.
Despite Impressive Advance, Traders Skeptical of Bullish Outlook
In a variation of the springtime weather idiom, it was the April futures contract that came in like a lion this year. Following March’s lamb-like behavior as prompt contract, trading roared back to life Thursday and Friday as buyers bid up April futures on the bullish combination of storage and technicals.