Spot gas for weekend and Monday delivery staged a broad rally Friday as the physical market played somewhat of a catch-up to the screen’s Herculean 25-cent leap on Thursday.
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Bulls Back In the Saddle Following Lean Storage Report
Natural gas futures surged following the release of government storage figures that were on the low side of what the market was expecting.
Futures Mega-Move Not a Game-Changer, Yet; July Vaults 25 Cents, Cash Eases
Physical prices for Friday delivery slipped lower in Thursday’s trading as most cash transactions were concluded before the release of government storage data. How quickly things change. Futures market followers Wednesday saw the third decline for the week and were thinking that a lack of summer heat and bountiful production could pressure prices lower.
Lower 48 Production to Near 70 Bcf/d in 2015, EIA Says
Total U.S. natural gas marketed production will grow by an average rate of 4.0% this year to 73 Bcf/d and 1.3% in 2015 to 73.97 Bcf/d, with onshore production increases in the Lower 48 states more than offsetting declines from the Federal Gulf of Mexico (GOM) and Alaska, according to the Energy Information Administration’s latestShort-Term Energy Outlook.
Cash, Futures Join in Broad Decline; July Off 2 Cents
Physical natural gas for delivery Thursday slipped lower Wednesday, with most points dropping about a nickel to a dime. Next-day prices on New England pipes fell the most after posting $1.00-plus gains in Tuesday’s trading. Isolated strength was seen at Marcellus points, and gas at Mid-Atlantic points fell more than a dime.
Physical Gas, Futures Glide Lower; July Off by Double Digits
Natural gas for delivery Wednesday suffered a broad decline across most points Tuesday. Losses were generally from a nickel to a dime, and the overall decline was about 3 cents.
Physical, Futures Part Company; July Down 6 Cents
Physical gas for Tuesday delivery staged an uneven advance in Monday’s trading. Eastern points were the strongest, showing double-digit gains, and Appalachian locations were also firm. Great Lakes points were off a couple of pennies. At the close of futures trading, July had fallen 6.5 cents to $4.645 and August was down 6.5 cents as well to $4.635. July crude oil gained $1.75 to $104.41/bbl.
Northeast Leads Weekend Decline; Futures Struggle Higher
Physical gas for weekend and Monday delivery shuffled lower in trading Friday as traders saw little reason to purchase a three-day package given near-normal temperatures and the ability to make weekend purchases from electronic devices.
Another Three Banger Build Expected, Yet July Called 3 Cents Higher
July natural gas is set to open 3cents higher Thursday morning at $4.67as traders speculate that even the stout injection expected in the morning government storage report as well as succeeding increases may not be enough to prepare for the winter. Overnight oil markets slumped.
Futures Glide Lower Following Super-Sized Storage Build
Natural gas futures fell following the release of government storage figures that were bit on the high side of what the market was expecting.