In terms of volatility, the cash market came to a near-standstill Wednesday as gains and losses were approximately even and only a few locations ventured more than a nickel in either direction.
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Futures Shave 33% of Value Since July 3, Settle Just Above $9
August natural gas futures continued lower Friday and ventured briefly below $9 for a second consecutive session before closing at $9.084, down 23.9 cents from Thursday and $1.486 lower than the previous week’s finish. Despite the month-long plunge, some traders are noticing some significant buying efforts as people attempt to bargain hunt.
Futures Flunk $7 Test Again, But TS Erin, Dean Still Threaten Gulf
After September natural gas futures ventured north of $7 for the third consecutive session on the news that Gulf of Mexico oil and gas producers could be faced with a hurricane Thursday and another next week, the bulls were once again unable to sustain their gains as the contract dropped in the afternoon to close at $6.864, down 7.6 cents on the day.
Futures Repelled By $8 Again, Appear Range-Bound
December natural gas futures ventured above the psychological $8 price level for a second consecutive session Friday only to retreat lower once again. As it has been for much of the week, price direction appeared to be a little bit in question on the day as the prompt month ended up closing at $7.884, up 7 cents on the day and a mere 5.7 cents above the previous week’s settle.
Futures Make Surprising 31.7-Cent Run, Settle Above $7
Flying in the face of fundamental and technical indicators, November natural gas futures ventured higher Tuesday to close at $7.123, up 31.7 cents on the day. December futures, which will soon take over the front month title, climbed 25 cents to settle at $8.315.
FERC Grants AGL Waiver from Capacity Release Rules
FERC ventured into unknown territory yesterday to help Georgia’slargest gas utility implement retail unbundling behind its citygateon Nov. 1 but avoid costs stranded by retail competition. In afour-to-one vote, the Commission granted Atlanta Gas Light alimited one-year waiver of certain federal regulations, allowing itto allocate, rather than release under the regulated competitivebidding procedure, 102,100 Dth/d of capacity on Southern NaturalGas to marketers taking over gas sales on its distribution system.