Natural gas futures Friday had the trajectory of a hot-air balloon without enough fuel to remain off the ground. Prices rose initially but ended the day in negative territory as efforts by local and short-term traders to push the market higher failed. The April contract fell $0.038 to $7.290 and the May contract slipped $0.010 to $7.457.
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Southwest Securities’ 2Q Gas Output Survey in Line with Lehman Estimates
Led by disappointing natural gas production by the majors, U.S. natural gas output is on a trajectory to decline 3.9% year-over-year in 2004, despite a robust 1,016 average gas rig forecast, according to a survey issued last week by Southwest Securities (SWS) of 43 top domestic producers. The survey concluded that U.S. gas production was flat sequentially and declined 4.9% versus 2Q2003.
Southwest Securities’ 2Q Gas Output Survey in Line with Lehman Estimates
Led by disappointing natural gas production by the majors, U.S. natural gas output is on a trajectory to decline 3.9% year-over-year in 2004, despite a robust 1,016 average gas rig forecast, according to a survey by Southwest Securities (SWS) of 43 top domestic producers. The survey concluded that U.S. gas production was flat sequentially and declined 4.9% versus 2Q2003.
Futures Slump into Expiry; Analyst Sees Further Weakness
After gapping dramatically lower on the open, natural gasfutures took on the trajectory of a safe pushed out of a ten-storywindow yesterday as the market dropped to its lowest level sinceNov. 29. The expiring February contract was the hardest hit by theselling, crashing 96.3 cents lower to close at $6.293. The outmonths did not fair much better, as the 12-month strip tumbled$0.49 lower to close at $5.563.
Strong Finish Gives Bulls Another Chance at $4.60
With all the trajectory of a risk manager tethered to abungee-cord and thrust out of a Houston skyscraper, natural gasprices dove then rebounded Monday as traders digested fresh weatherforecasts.
Bears Finish Strong, Beat Prices Back to $3.00
Opening near its daily high and closing just off its low, themarket took on the trajectory of a safe pushed out a 10-storybuilding Friday, as traders pressured prices to their lowest levelsince April 12. The June contract was hardest hit late in thesession, when a wave of sell-stops exacerbated the price slide. Theprompt month closed down 8.2 cents at $3.025.