The overall physical market tumbled on average by 9 cents Thursday as traders cited a lack of demand, a return of nuclear generation and unsupportive weather patterns.
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Futures Take a Pounding, Settle Near 10-Year Low
February natural gas was tackled for a loss Tuesday as traders recited the same causative factors of unsupportive weather and a storage surplus that refuses to stop growing. At the close February had given up 18.2 cents to $2.488, which is the lowest front-month settlement since March 5, 2002.
Technicals, Weather Keep Buyers on Sidelines; July Drifts Lower
July natural gas eased slightly Monday as traders cited weak technicals, and near term weather forecasts are unsupportive. At the close July had fallen eight-tenths of a penny to $4.317 and August was down eight-tenths of a penny to $4.352. July crude oil rose 25 cents to $93.26/bbl.
Analyst Suggests Hefty Storage Build; November Down Double Digits
November natural gas futures continued their downward march Monday as traders focused on unsupportive weather conditions and expectations of another hefty shoulder-season addition to inventories. At the close November posted a 10.4 cent loss to $3.431 and December shed 5.5 cents to $3.870.
Slightly Higher Quotes Dominate Mixed Price Moves
Modest gains dominated the cash market Monday, even though warm to moderate forecasts in most areas were mostly unsupportive of price bullishness. However, a minor 3.2-cent uptick by September futures on the preceding Friday did help.
Futures Continue Lower on Economy Woes, Temperature Thaw
Influenced by yet another day of economic concerns and unsupportive weather forecasts, February natural gas futures continued to explore lower price levels on Wednesday, reaching a low of $7.585 before closing out the session at $7.621, down 4.9 cents from Tuesday. While the decline was a far cry from Tuesday’s 32.3-cent massacre, traders are still hard-pressed to locate any supportive fundamentals.
Futures Slip Lower as Traders Deal with Storage Report Hangover
With its traders still feeling the effects of Thursday’s unsupportive storage report, the natural gas futures market sifted lower Friday afternoon to conclude a relatively quiet week. The March contract completed the session at $6.096, down 5.3 cents for the session and 16.3 cents for the week.