Unable

Seemingly unable to make up its mind about how substantive recent weather-based demand is, most of the cash market reversed direction for a third straight day Wednesday in chalking up small gains at nearly all points.

Unable to ignore the 22-cent hike in April natural gas futures values on Thursday, cash point averages across the country followed suit on Friday with upticks mostly between a dime and 20 cents.

Natural gas futures bulls made another assault on resistance at $4.500 but received the same response as on Monday as the January contract was unable to settle above the important price level. The prompt-month contract ended up closing at $4.393, down 9.5 cents from Monday’s close.

Unable to maintain the upside momentum that natural gas cash points have enjoyed for most of the last week and a half, averages on Wednesday fell in a big way, which just so happened to coincide with the first significant decline in front-month natural gas futures since the contract rollover on April 29.

June natural gas futures fell Tuesday as the market opened up but was unable to muster sufficient momentum to break higher. Some traders are still optimistic of an advance, however.

California’s major private-sector energy utilities have been unable to develop a policy on service shutoffs, which have been skyrocketing in recent months, so the state regulatory commission plans to mandate a new policy, according to comments Thursday by the state’s top regulator. Michael Peevey, president of the California Public Utilities Commission (CPUC), indicated that he and his colleagues will outline a new approach in February.

California’s major private-sector energy utilities have been unable to develop a policy on service shutoffs, which have been skyrocketing in recent months, so the state regulatory commission plans to mandate a new policy, according to comments Thursday by the state’s top regulator. Michael Peevey, president of the California Public Utilities Commission (CPUC), indicated that he and his colleagues will outline a new approach in February.

Natural gas futures bulls were unable to capitalize on Monday’s significant show of price strength Tuesday as values receded while cash market averages spiked higher. December natural gas futures closed the regular session at $4.530, down 8.4 cents from Monday’s finish.

As expected, the post-holiday rally in cash prices was unable to sustain itself any longer in the face of receding weather-based demand and weakening futures support. Quotes fell at a large majority of points Thursday, although generally by small amounts. A few flat to a little less than a nickel higher locations resulted in mixed price movement overall.