Virtually

Spot prices saved their best for last — at least in the viewpoint of bullish traders — by making the strongest gains of last week virtually across the board on Friday. A large futures uptick a day earlier combined with increasing weather-based load in some areas to support the physical market.

Continuing the week’s cycle of seesaw trading that saw virtually across-the-board higher prices Monday followed by a reversal lower on Tuesday, nearly the entire natural gas cash market Wednesday for Thursday delivery showed upticks.

Range Resources unit Range Production Co. may depose an Environmental Protection Agency (EPA) official on Tuesday (Jan. 25), a federal judge in Austin, TX, ruled last week. The agency has accused the company of contaminating water wells with its Barnett Shale drilling activities, a claim Range disputes.

The Energy Information Administration (EIA) reported Thursday morning that the natural gas storage deficit to the record-setting levels of last year was virtually erased during the week ending Oct. 22 as 71 Bcf was deposited into inventories. However, it appeared traders had been expecting a somewhat larger injection for the week as December natural gas futures — in the contract’s first regular session action as the front month — recorded a high of $3.924 before closing out the regular session at $3.890, up 12.7 cents from Wednesday’s close.

Prices dwindled at virtually all points Friday as cooling load remained largely static or dropped in such key market areas as the Northeast. The previous day’s decline of 3 cents by September futures was an additional, but minor, bearish influence on the cash market.

Summing up the ongoing bout of range-bound trading activity in the span of 48 hours, August natural gas futures virtually erased Tuesday’s gain of 8 cents with Wednesday’s decline of 7.7 cents as the prompt-month contract closed out Wednesday’s regular session at $4.513.

Prices continued to fall at virtually all points Thursday as weak prior-day futures continued to weigh on the market and predictions of hot weather lasting into at least mid-June were falling short of expectations.

Virtually all points fell Wednesday following a string of July futures gains having come to an end a day earlier. Declines of power generation demand for air conditioning in some areas also contributed to the cash softness.

Numbers stronger than weekend declines but still mostly softer.