Upward

June natural gas futures continued to flounder Monday as traders see no upward momentum and look for a test of key psychological support. At the close June futures had fallen 8.1 cents to $4.154 and July had retreated 8.1 cents as well to $4.216. June crude oil, however, rocketed higher by $5.37 to $102.55/bbl.

Chilly temperatures kept upward pressure on a vast majority of cash point averages on Tuesday except for a handful of Northeast points, which recorded drops of $2.20 to more than $5 as the coldest temperatures associated with Sunday’s blizzard began to subside.

While economists say the recession has ended and some economic indicators have begun to trend upward, continued weak demand led to another decline in natural gas marketing during the third quarter, with the total volume sold in North America tumbling 4% — nearly 5 Bcf/d — according to NGI’s 3Q2009 Top North American Gas Marketers Ranking. read more

With higher natural gas liquids (NGL) prices relative to natural gas, a continued surge in output from the gas shale plays and cryogenic gas processing technologies, new infrastructure continues to be in high demand for the U.S. liquids market, according to a report by Bentek Energy LLC.

TransCanada Corp. is predicting that a plan for reversing the upward spiral in long-distance tolls on its natural gas mainline will emerge by the end of the year.

TransCanada Corp. is predicting that a plan for reversing the upward spiral in long-distance tolls on its natural gas mainline will emerge by the end of the year.

Bullish prior-day screen teams with colder temps to keep upward pressure on market.

Tuesday’s upward momentum carried over to Wednesday as most cash point averages for Thursday delivery climbed. Increases were predominant in every region except the East, which saw a few gains sprinkled in amongst no changes and declines.

Backed by the recent stretch of colder weather in a number of high-gas demand regions, traders continued to keep upward pressure on the natural gas futures market on Tuesday as the front-month contract made yet another new high — both outright and on a closing basis — for the bull move that began three months ago.