Natural gas futures continued its trek lower Monday as traders were forced to pull weather premium out of the market, and technical traders reset support parameters. At the close October futures fell 8.1 cents to $3.800 and November skidded 9.3 cents to $3.916. November crude oil rose 3 cents to $76.52/bbl although more deferred contracts fell.
Articles from Trek
Prices plunged at all points Tuesday as the latest tropical storm threat to offshore production began an overland trek through Texas with its accompanying demand destruction from power outages and heavy rains that would help to cool off what had been an ultra-sultry Lone Star State through Monday. Of course, the previous day’s dive of 66.3 cents by September natural gas futures also contributed to the cash market softness.
The cash market remained on its uphill trek at all points Wednesday except for the OFO-devastated PG&E citygate, but price increases continued to get smaller than those earlier in the week. A substantial majority of upticks were between 10 and 20 cents.
Continuing on a trek to grab the lion’s share of the energyservices market, two subsidiaries of Enron Corp. yesterday inkedfinancial deals, totaling more than $1 billion that capitalize onthe Houston-based company’s energy management expertise and growthin the global risk market.