An already weak natural gas futures market further collapsed on Thursday after the Energy Information Administration (EIA) reported that a whopping 103 Bcf was injected into underground storage for the week ended May 15. The data proved that despite drastic rig reductions, gas is still being stored at a rate that is well above industry expectations. June natural gas futures closed Thursday’s regular session at $3.603, down 36.7 cents from Wednesday’s finish.
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Even with much of the Gulf of Mexico’s natural gas production shut in, storage operators were able to inject a whopping 87 Bcf into underground storage for the week ended Sept. 26, which turned the keys back over to natural gas bears for the time being. Following the Thursday morning report from the Energy Information Administration (EIA), November natural gas futures dropped nearly 30 cents before finishing out the session at $7.481, down 24.7 cents from Wednesday’s close.
Providing more validation for the recent $1-plus slide in natural gas futures, the Energy Information Administration (EIA) reported Thursday morning that a whopping 99 Bcf was injected into underground storage for the week ended June 22. The fresh bearish news allowed bears free rein on the day as the August contract — in its first regular session as front month — reached a low of $6.575 before closing at $6.655, down 42.8 cents from Wednesday’s close.
The natural gas industry was stunned last Thursday when the Energy Information Administration (EIA) reported that a whopping 108 Bcf had been injected into underground natural gas storage for the week ended Sept. 8.
Shares in New Orleans-based producer Energy Partners Ltd. (EPL) closed up a whopping 31.14% on the day, an increase of $5.73/share on news the company is the acquisition target of Australia’s Woodside Petroleum Ltd. in an $883 million deal.
Coming in well above almost all industry expectations, the Energy Information Administration (EIA) reported Thursday morning that a whopping 171 Bcf of natural gas was withdrawn from underground storage for the week ended Feb. 24. The report immediately sparked the April natural gas futures contract to a high of $6.920. However, once the big picture was absorbed, lower prices followed. Prompt-month natural gas ended up settling at $6.760, up 2.7 cents from Wednesday.
The Energy Information Administration (EIA) reported that a whopping 50 Bcf was injected into underground natural gas storage for the week ended April 15. While the bearish report already had been anticipated and factored into trading, May natural gas futures pushed slightly lower following the report, recording a trade at $6.88 as of 10:35 a.m. EST.
Unable to follow up on their whopping 27.6-cent rally on Tuesday, August natural gas futures spent Wednesday shaving off some of the gain ahead of Thursday morning’s natural gas storage report for the week ended July 2. The prompt month traded as low as $6.335 before settling at $6.37, down 5.4 cents on the day.
After first rallying on the news that a whopping 100 Bcf had been injected into underground storage facilities last week, the natural gas futures market suffered a slow grind lower Thursday as traders lightened their longs ahead of Friday’s expiration. At $4.542, the October contract finished 4.6 cents lower in its penultimate trading session. It goes off the board Friday at 2:30 p.m. EDT.
After extending to new five-month highs on news that a whopping 48 Bcf was pulled from storage reserves during the previous week, natural gas futures sifted lower in the late morning and afternoon Thursday on profit-taking ahead of the weekend. At $5.709, May futures finished in the bottom half of its daily trading range, up 3.2 cents for the session but more than a dime off its $5.83 high notched earlier in the day.