It likely surprised more than one trader to see the extent of recovery Monday from the major losses at all points on the preceding Friday, especially since near-term weather influences continued to be mostly benign. However, some may have eyed forecasts getting colder in several areas toward the end of the week. The return of industrial load from weekend recess also was a modest bullish factor.
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Former Gas Trader Charged With $7M Swindle
A former gas trader in Houston has been charged with wire fraud and money laundering arising from an alleged scheme to defraud several natural gas trading companies of nearly $7 million, according to a newly unsealed 19-count indictment.
Former Gas Trader Charged With $7 Million Swindle
A former gas trader in Houston has been charged with wire fraud and money laundering arising from an alleged scheme to defraud several natural gas trading companies of nearly $7 million, according to a newly unsealed 19-count indictment.
Mild Firmness Barely Dominates Continuing Drops
As a Gulf Coast trader had expected, Tuesday’s rise of 13.7 cents in February futures was able to boost cash prices “a little bit” Wednesday — but just barely. The market-supporting frigid weather of recent weeks was becoming just a memory for many people; although lows around freezing or less remained in the forecasts for much of the East through the Midwest and Plains into the Rockies and most of Canada, they were considered a return to “seasonable” conditions for mid-January.
Correction
The story “Ranking Shows ‘Scrambled’ Pipe Capacity Trader Lineup” in the Oct. 12 issue of Natural Gas Intelligence included incorrect information from a source. RBS Sempra Energy Trading should be ranked 13th among pipeline capacity traders.
Hot Weather Generates Modest Gains at Most Points
Cooling load proved to be a stronger influence on the spot market than a Gulf Coast trader had expected Wednesday (see Daily GPI, June 25). Despite the previous day’s 11.8-cent drop by July futures, flat to moderately higher quotes prevailed at most points Thursday of forecasts of highs in at least the mid 80s and often much higher continued to dominate the U.S. weather outlook, while conditions remained fairly mild in most of Canada.
Small Increases Return in Most of Cash Market
As a Gulf Coast trader had predicted Thursday, the 22.5-cent spike by futures that day was able to generate modest firmness in most of the cash market Friday. The screen boost was abetted by increases in cooling load in Texas and the Midcontinent, while the weekend decline of industrial demand had minimal impact.
Futures Jump 41.4 Cents Despite Dour Fundamentals
“Irrational exuberance” is the way at least one energy trader classified Monday’s explosion higher in natural gas futures values. In spite of bearish fundamentals, the July contract jumped 41.4 cents higher to close at $4.249 as some market experts pointed fingers at fresh speculative money flooding into commodities.
Ex-Gas Trader Fined for False Reporting
The U.S. Commodity Futures Trading Commission (CFTC) obtained a $475,000 judgment against former natural gas trader Matthew Reed for false reporting of prices to industry price index publishers.
Former Gas Trader Fined $475K for False Reporting
The U.S. Commodity Futures Trading Commission (CFTC) obtained a $475,000 judgment against former natural gas trader Matthew Reed for false reporting of prices to industry price index publishers.