Natural gas cash prices overall fell 4 cents in Wednesday’s trading as strength at eastern and northeast points was unable to offset slumping quotes at major market hubs and West Coast locations. Losses were widespread and only a few points managed to make it onto the positive side of the trading ledger. At the close of futures trading, May had fallen 7.2 cents to $4.166 and June was down 7.5 cents to $4.203. June crude oil added $2.25 to $91.43/bbl.
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Cash prices eased a penny on average Monday, with modest gains in the Midwest unable to offset declines in the Northeast and East. Major market centers were mixed. Futures prices were pounded lower by forecasts of warmer temperatures in the nation’s midsection, a stark contrast to last week’s outlooks calling for a cooler-than-normal regime. At the close May had fallen 14.1 cents to $4.267 and June was lower by 13.9 cents to $4.298. May crude oil expired at $88.76/bbl, down 75 cents.
The Colorado Oil and Gas Conservation Commission (COGCC) reconvened Thursday in Denver, but was unable to resolve lingering issues and delayed until Feb. 11 finalizing new setback requirements for oil and natural gas wells.
Cash natural gas prices shed a dime on average Friday as steady to nominal gains at Rockies points were unable to offset falling quotes at East, Northeast and California points. Traders also cited the normal Friday reluctance to buy ahead of a weekend and weather forecasts indicated little likelihood of East and Northeast cold.
Cash natural gas prices fell by a nickel on average Tuesday as a handful of multi-dollar gains posted on Northeast pipes were unable to offset a broad retreat at Great Lakes, eastern and most other locations, as well as a weak screen. At the close of trading January futures had given up 5.2 cents to $3.539 and February had eased 5.3 cents to $3.562. January crude oil fell 59 cents to $88.50/bbl.
New Jersey Natural Gas (NJNG) is making progress in restoring natural gas service, but of the 33,000 customers that were impacted by Superstorm Sandy, the distributor was unable to estimate how many have had their gas service reinstated so far.
Soaring Northeast cash prices were unable to offset a broader overall market decline averaging 11 cents Friday. Gulf and eastern points were especially hard hit. December futures fell 14.5 cents to $3.554 and January tanked 13.8 cents to $3.680. December crude oil fell $2.23 to $84.86/bbl.
Native Americans claim they were unable to add input in the Bureau of Land Management’s (BLM) negotiations on the final rules that will regulate hydraulic fracturing (fracking) of oil and gas operations on public lands. Absent this input, some of the tribal leaders claimed the rules could impede their ability to develop their energy resources.
Virtually all of the cash market was down Friday as modest rebounds of high temperatures and a prior-day 4-cent decline by October futures proved unable to support continued firmness. The usual weekend drop of industrial load applied further downward pressure on cash numbers.