December natural gas futures shot higher in Monday morning trade, but some market-watchers were unconvinced that the move was anything more than a one-day diversion in the larger down move. The prompt-month contract finished at $4.614, up 22.2 cents from Friday’s close.
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Futures Quiet Ahead of Expiration, Fresh Storage Data
The September natural gas futures contract turned in its second consecutive “do nothing” day on Wednesday, leaving some market watchers to wonder whether traders were saving their strength for a blitz of action on the contract’s expiration Thursday. The prompt-month contract ended up closing the regular session at $2.910, up 2.8 cents from Tuesday’s close.
Larger-than-Expected 66 Bcf Storage Build Drops Futures
Natural gas storage inventory watchers received news of a slightly larger than expected injection Thursday morning as the Energy Information Administration (EIA) reported that 66 Bcf was deposited in underground caverns for the week ending July 31. The report created a knee-jerk lower in September natural gas futures values, which went on to close the day’s regular session at $3.743, down 29.9 cents from Wednesday.
Analysts Look to Europe for LNG Hints
Whether the long-predicted tide of liquefied natural gas (LNG) imports comes to U.S. shores as a torrent or a trickle remains to be seen. The predictions of two industry watchers vary greatly, but they’re both looking to Europe for clues.
Analysts Watching Europe for LNG Signals
Whether the long-predicted tide of liquefied natural gas (LNG) imports comes to U.S. shores as a torrent or a trickle remains to be seen. The predictions of two industry watchers vary greatly, but they’re both looking to Europe for clues.
Bullish Optimism Cautioned Despite Another 17-Cent Futures Gain
After tacking on 17-plus cents to the front-month contract on Friday, natural gas futures bulls did so again on Monday, but some market watchers are not yet ready to classify the gains as a change in market direction. June futures on Monday added 17.9 cents to close out the regular session at $3.725.
Futures Make It Three Straight Days of Gains Ahead of Storage Report
Even as the front-month futures contract recorded a third consecutive day of gains on Wednesday, market watchers were under no illusion that the trend would gain any sort of real momentum to pull prices up from their six-and-a-half-year low. The May contract closed Wednesday’s regular session at $3.693, up four-tenths of a penny.
Futures Close Sub-$10 Despite Bullish Week
May natural gas futures on Friday stunned some market watchers as it recorded a lower high, a lower low and a lower close than Thursday’s session despite a laundry list of bullish factors swirling around the market. The prompt month traded between $9.830 and $10.045 before closing at $9.901, down 19.7 cents from Thursday but still 57.9 cents higher than the previous week’s finish.
Inline Storage Withdrawal Fails to Find Sellers
Natural gas futures on Thursday continued to trade at the elevated price levels last seen post-Hurricane Katrina as traders and market-watchers debated whether fundamentals, the influx of monies into commodities or sympathy with record crude prices, is to blame. April natural gas put in a new high for the move up at $9.815 before settling at $9.742, nearly unchanged from Wednesday’s finish.
Futures Fall as Economic Concerns Trump Colder Weather Forecasts
February natural gas futures shot lower Tuesday as some market watchers hypothesized that the slumping U.S. economy upstaged colder-than-expected temps in near-term weather forecasts. The contract recorded a low of $8.080 before closing out Tuesday’s session at $8.196, down 15.7 cents from Monday’s finish.