After venturing higher in early morning trade on Thursday, the January natural gas futures contract knee-jerked lower following the news from the Energy Information Administration (EIA) that 23 Bcf was withdrawn from underground storage for the week ending Nov. 26. However, the bearish sentiment from the report proved to be no match for the eastern freeze, which pushed the front-month contract higher to close at $4.343, up 7.4 cents from Wednesday’s regular session close.
Venturing
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Bulls Withstand ‘Bearish’ 103 Bcf Storage Injection
After venturing above $4 in early Thursday morning trading for the third consecutive session, October natural gas futures plummeted back to earth after the Energy Information Administration (EIA) reported that 103 Bcf was injected into underground storage for the week ending Sept. 10. However, the dip was short lived as the recent bull move prevailed.
Futures Fall, But Market Fears Wild Crude-Like Expiration
Despite venturing above psychological resistance at $8 for the second time in as many days, October natural gas futures once again retreated as traders have recently shown a fair amount of comfort with prices between $7 and $8. The front-month contract, which expires Friday, traded between $7.605 and $8.093 during Wednesday’s regular session before closing out at $7.679, down 25.2 cents from Tuesday’s finish.
Futures Test Support As Traders Gear Up for Another $8 Try
After venturing north of $8 and failing for the third time in recent trade on Monday, June natural gas futures responded like clockwork Tuesday, dropping lower to test out the ever-rising support lines. The prompt month put in a low of $7.815 before settling at $7.864, down 8.8 cents on the day.
Futures Trickle Lower Despite Heat in the East
Despite venturing as high as $6.340 in its first regular session as prompt month as a number of eastern metropolises began to heat up, July natural gas futures on Tuesday ended up recording a loss. The contract closed near its $6.100 low on the day at $6.123, down 3.1 cents from Friday.
Futures Fall as Winter Weather Continues Hibernation
Without any bullish weather even on the horizon, February natural gas picked up the downward trend from the previous week, venturing as low as $9.150 on Monday before closing at $9.360, down 27.2 cents on the day.
Futures Test $7 Resistance Despite Bearish Weather Forecast
After venturing above the psychological $7 level in Monday morning trade, November natural gas futures slipped lower. Following the lead of petroleum futures, the natural gas prompt month began its descent at 11 a.m. (EDT), settling at $6.806. Despite the drop from the $7.03 high on the day, the prompt month still squeezed out a 9.7-cent increase on the day.