April natural gas is set to open 2 cents lower Friday morning at $2.82 as traders focus on the last weeks of the withdrawal season and mull the likelihood of stout injections. Overnight oil markets rose.
Articles from Markets
A long-awaited El Nino event — warmer-than-average sea surface temperatures in the central Pacific Ocean near the equator — has arrived, but unlike some of its predecessors, it is likely to remain weak and exert little influence on global weather and climate, according to forecasters at the National Oceanic and Atmospheric Administration (NOAA).
Natural gas buyers were in no mood to spring for weekend and Monday packages on Friday, with forecasts of rising temperatures and more seasonal weather at hand. Prices fell hard and only a single lightly traded point saw positive movement.
April natural gas is set to open 2 cents higher Thursday morning at $2.79 as traders look forward to what may be the last blast of weather-driven turmoil in the cash market and a set of stout government withdrawal figures. Overnight oil markets were narrowly mixed.
Natural gas futures gained ground Thursday after the release of government storage figures showing inventory drawdowns to have been somewhat greater than what the market was expecting.
for Friday delivery traded sharply lower with trades as much as $1.50 lower at Midwest points. Only a few points made gains, and declines were common in the Northeast, Mid-Atlantic, Gulf, Midcontinent and Rockies.
Physical gas prices for Thursday delivery soared in Wednesday’s trading as next-day temperatures in major Atlantic Seaboard markets were forecast to dive by close to 20 degrees.
April natural gas is expected to open 4 cents higher Wednesday morning at $2.76 as traders discount weather forecasts calling for eastern warming later in the month. Overnight oil markets were mixed.
April natural gas is set to open 3 cents lower Tuesday morning at $2.67 as traders see a strong bearish case taking shape with the eventual end of heretofore market-rattling cold. Overnight oil markets rose.