Venturing

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.

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.

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.

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.

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.

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.