Markets

The $3 weekly pricing threshold proved a little more elusive as only a handful of points made it to the positive side of the trading ledger and most points outside the Northeast and Appalachia fell anywhere from a nickel to a dime.

June natural gas opened 4 cents lower Thursday morning at $3.23 ahead of expected government storage figures anticipated to swell long term storage surpluses. Overnight oil markets plunged.

Futures failed to take out the day’s highs or lows once the Energy Information Administration (EIA) reported a natural gas storage injection that was slightly greater than what the industry was expecting.

Gas for delivery Friday on average moved little in Thursday’s trading as most players elected to get their trades made ahead of the release of Energy Information Administration (EIA) storage figures.

Physical gas for delivery Thursday bounded higher in Wednesday’s trading as a strong screen and New England maintenance combined to send prices about a nickel to a dime higher at most locations.

The expiring May futures contract is expected to open 3 cents higher Wednesday morning at $3.07 even though traders are factoring in not only weak forecast load figures, but also a deteriorating technical picture. Overnight oil markets fell.

Houston-based Superior Energy Services Inc. saw a 49% increase in U.S. pressure pumping revenue in the first quarter as operators accelerated their onshore activity, marking a “massive cyclical transition,” CEO David Dunlap said.

The Energy Information Administration (EIA) said this week Ohio and Pennsylvania each increased natural gas production by about 1.2 Bcf/d last year at a time when annual U.S. gas output declined for the first time since 2005.

May natural gas is set to open unchanged Tuesday morning at $3.06 as traders see the market requiring new input if the near-term trend lower is to continue. Overnight oil markets weakened.