Oil production in Texas continued climbing during May, while natural gas output trended down as it has for much of this year.
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Buoyed by another day of strong demand in the physical market,the futures market trended higher Friday in a choppy, range-boundtrading session. After opening just two pennies above Thursday’slow of $2.67, the September contract rumbled 2.2 cents higher onthe day to finish at $2.745.
Bulls and bears took turns influencing futures yesterday as themarket trended higher throughout regular pit trading, only to dropright back down to near unchanged in last night’s Access session.As is the case on any Wednesday, the price catalyst came in theform of the weekly AGA storage report released at the beginning ofAccess trading. The November contract experienced the largest priceswings of the strip, settling up 4.7 cents to $2.393 beforeretracing 3.3 cents lower to $2.36.