Spot natural gas for weekend and Monday delivery declined across a wide front Friday, with few points making it on to the positive side of the trading ledger. West Coast points were hard hit, but deep double-digit declines were seen in the Midcontinent, Marcellus, eastern and northeast points.
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Market Sputters Higher In Weekly Trading; Opal Fallout Assessed
Weekly physical natural gas prices compiled byNGIput in a deceptively modest gain of 6 cents to average $4.66 for the week ended April 25. Although futures slid on the week, the advance of the May contract from an April 2 low of $4.221 managed to make a high for the move on Thursday at $4.805 hinting that the advance from earlier in the month may still have more legs.
Futures Gain Despite Plump Storage Stats
In the aggregate, spot natural gas prices for Friday delivery traded flat in Thursday’s exchanges, but swings were seen in the Rockies as a major gas plant explosion disrupted receipts and deliveries. At eastern points mild, seasonal temperatures along with softer power prices prompted weaker next-day quotes.
Cash Firms, But Futures Traders Nervously Await EIA Storage Stats
Next-day gas rose Wednesday as forecasters called for temperatures at about normal levels but predicted turbulent and windy conditions capable of sending readings into the below normal camp. With the exception of a handful of points, locations posted gains typically a few pennies on either side of a nickel.
Spot Gas Slips a Penny, But Analyst Sees Possible Winter Price Spikes; Futures Gain
Physical gas for Wednesday delivery inched lower overall Tuesday as weakness in California and the West countered weather-driven strength at New England, Marcellus and Mid-Atlantic points. At the close of futures trading May had advanced 4.2 cents to $4.739 and June was up by 4.3 cents to $4.758. The expiring May crude oil contract tumbled $2.24 to $102.13/bbl.
Marcellus, Mid-Atlantic Pace Double-Digit Gains; Futures Soften
Physical natural gas for Tuesday delivery vaulted higher in Monday’s trading as weather forecasts called for a midweek cooling trend in key eastern markets and the physical market played “catch-up” to the screen’s 21-cent surge on Thursday.
Futures In Orbit Following Bullish EIA Storage Report
Natural gas futures bounded higher Thursday after the release of government storage figures showing a build that was far less than what traders were expecting.
Physical Gas Declines While Futures Soar on Bullish Storage Report
Packages of physical natural gas for the extended holiday period fell hard and fell often in Thursday’s trading. Not one market point traded in positive territory as weekend temperature forecasts turned mild and buyers saw no need to extend themselves by making purchases of gas they may have to turn back on Monday.
Futures Bulls Trump Bears And Bunnies In Weekly Pre-Holiday Trading
At the end of the abbreviated trading week ended April 17, physical traders must have been more focused on Easter eggs and chocolate bunnies than trading natural gas as all regions of the country posted small changes ranging from a loss of a couple of pennies to gains of just over a dime. Nationally theNGI Weekly Spot Gas Average gained a nickel to $4.60.
Cash, Futures Ease; But Market On Edge with Slow Storage Builds
Physical gas for delivery Thursday fell across a wide front in Wednesday’s trading as a modest warming trend was expected in Midwest energy markets. Only a handful of locations escaped the price cleaver, and the most severe declines were seen in the Northeast, with some points dropping by more than $1.00.