The August natural gas futures contract was set to open Thursday slightly higher at around $2.985/MMBtu, with prices supported by heat in the forecast as the market turns its attention to the 10:30 a.m. EDT release of weekly government storage data.
Articles from Thursday
May natural gas is expected to open 2 cents lower Thursday morning at $3.25 as the market looks ahead to the first storage build of the season and traders are split on near-term market direction. Overnight oil markets were mixed.
FERC filed a request for comments Thursday on a pair of route variations for the Atlantic Sunrise expansion proposed by Williams Partners’ Transcontinental Gas Pipe Line Co. LLC (Transco), raising speculation in the market that the project could be delayed.
Tensions eased in the Gulf of Mexico (GOM) Thursday, with shut-in numbers declining and workers preparing to head back to platforms, as Hermine, upgraded to hurricane status, made its long-awaited move toward the Florida coast.
July natural gas is set to open a penny higher Thursday morning at $2.60 as traders see no change in the weather landscape and await the release of government inventory figures. Overnight oil markets dropped.
Twenty-two people were injured and two others were missing following an explosion possibly caused by natural gas in New York City Thursday that caused the collapse or partial collapse of three buildings, heavy fire damage in a fourth, and forced the evacuations of 11 more.
Share prices for Targa Resources Corp. (TRGP) and Targa Resources Partners LP (NGLS) took a roller coaster ride late Thursday and into Friday on rumors of their possible purchase by Energy Transfer Equity LP (ETE), but talks with ETE have ended and no deal is on the table, the midstream energy giants said.
June natural gas is set to open 5 cents lower Friday morning at $4.42 as fundamentals traders see the market as range-bound and technical traders suggest a retest of Thursday’s lows before moving higher. Overnight oil markets posted nominal gains.