The cash market overall retreated 28 cents Wednesday, but if multi-dollar swan dives taken by Northeast and other thinly traded points are excluded, the drop comes to a more meaningful 11 cents. Nearly all points sustained sizeable losses. Midcontinent and California locations were down by double digits, but Gulf points also weakened. At the close of futures trading May had fallen 6.9 cents to $3.900 and June was off by 6.9 cents as well to $3.950. May crude oil plunged $2.74 to $94.45 on unsupportive inventory data and weak economic news.
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Cash market quotes for weekend and Monday gas swan-dived 17 cents Friday as traders looked forward to Thanksgiving week and forecasts of benign weather conditions in eastern markets.
In what may be his swan song from Congress, retiring Rep. Dennis Kucinich (D-OH) Wednesday said he plans to introduce climate change legislation when Congress returns after the elections.
Cash markets overall swan-dived an average 17 cents Friday as the usual suspects of an uninspired corps of weekend buyers joined forces with a mild weather outlook and a weak screen to send weekend and Monday gas sharply lower.
January natural gas swan-dived lower Friday as traders noted a continuing deterioration in both the fundamental and technical dimensions to the market. At the close January had fallen 14.0 cents to $3.317 and February had given up 13.3 cents to $3.353. January crude oil added $1.07 to $99.41/bbl.
December natural gas swan-dived Monday in moderate trading as traders note weather forecasts have turned less supportive than earlier, production continues to outstrip modest demand and buyers remain unmotivated. At the close December had fallen 12.6 cents to $3.458 and January had retreated 9.6 cents to $3.600. December crude oil dropped 85 cents to $98.14/bbl.
The February futures contract plunged while going off the board Monday, taking a sharp 25.8-cent swan dive to settle at $6.917 after having posted a $7.33 high around 11 a.m. March ended the day down 22.1 cents at $6.937. Despite the severe cold across much of the nation, there remains significant uncertainty over longer-term weather forecasts and what may happen to the large storage surplus.
Predictably, cash numbers emulated the expiration-day plunge in May futures by taking swan dives themselves Thursday. A widespread dearth of significant weather-related demand only threw more fuel on the price fire sale, and the announcement of a sizeable storage injection heaped on a little extra bearishness in late business.