After gapping lower for the second-straight session, natural gas futures shuffled sideways within a very tight range Thursday as buyers and sellers were just about evenly matched. However, the price damage that had been done in the overnight access session was undeniable and that weakness proved enough to propel December prices to new 31-month lows at $2.52 shortly after the opening bell yesterday. The contract finished at $2.551, down 12.5 cents for the session and nearly 25 cents beneath Tuesday’s $2.80 close. Heavy estimated volume of 85,193 punctuated the bears’ statement.
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Low Storage Fill Lifts Futures to Positive Close
Buoyed by the release of a second-straight smaller-than-expected storage injection figure, natural gas futures climbed back from negative territory yesterday afternoon to notch a new three-week high, as weak shorts scrambled to cover their positions. The November contract finished at $2.48, up 9.2 cents for the session, but off slightly from the $2.54 high notched about 10 minutes earlier.
Storm, Hot Air Elevate Futures to Third Straight Gain
Buoyed by follow-through buying on the heels of Wednesday’s late price surge and in reaction to weather forecasts (both for hot temps next week as well as the formation of Tropical Depression 2), natural gas futures shuffled higher for the third session in a row Thursday as short-covering promoted prices to new week-and-a-half highs. At the closing bell, the August contract was knocking on the door of some important technical levels, up 8.6 cents at $3.428.
El Paso Sets Record Straight on Price Manipulation Charges
Allegations that large capacity-holders on El Paso Natural Gashave deliberately withheld pipeline capacity from the market todrive up gas prices in California, and that the pipeline wasinvolved in a “conspiracy” in 1996 to block new interstate pipecapacity from entering the state are unfounded, said a companyspokeswoman.
El Paso Sets Record Straight on Capacity
Allegations that large capacity-holders on El Paso Natural Gashave deliberately withheld pipeline capacity from the market todrive up gas prices in California, and that the pipeline wasinvolved in a “conspiracy” in 1996 to block new interstate pipecapacity from entering the state are unfounded, said a companyspokeswoman.
Northern Border Settlement Approved
FERC approved Northern Border Pipeline Co.’s rate settlement,which converts the pipeline’s rate design to straight-fixedvariable from cost of service and which imposes a moratorium onrate changes until Nov. 1, 2005.
Northern Border Settlement Approved
FERC approved Northern Border Pipeline Co.’s rate settlement,which converts the pipeline’s rate design to straight-fixedvariable from cost of service and which imposes a moratorium onrate changes until Nov. 1, 2005.
Futures Fizzle Despite Undeniable Fundamental Strength
Realizing that bulls had spent all their bullets, bears hadtheir way at Nymex for the second-straight session Wednesday asthey took prices lower in several selling waves. Not even amid-morning rally could dissuade traders from continuing to takeprofits following the market’s precipitous spike to $9.65 earlierin the week. As a result, the January contract was left to slumplower for much of the afternoon, finishing 60.8 cents lower at$7.537.
After Third Gap Higher, Futures Stall with Small Gain
After gapping higher on the open for the third straight session,natural gas futures struggled sideways Thursday as bulls cooledtheir heels following a 7-day, 25% price rally. That choppy tradingactivity, along with an early foray into negative territory wereenough to fill in yesterday’s chart gap and prompting severaltraders to look for profit taking today.
Steady Selling Deals Futures Second-Straight Losing Session
Pressured lower by weaker crude oil futures along with a saggingphysical market, natural gas at the New York Mercantile Exchangewas softer Thursday with buyers on the sidelines, unwilling to addto their already hefty longs. After chopping lower for most of thesession the October contract received a late boost on renewedhurricane fears. However those late gains were more than offset byearly losses and that left the prompt month in negative territory,off 3.1 cents at $5.287 at the close yesterday.