Three-day deals for physical gas over the weekend and Monday went begging in Friday’s trading as traders realigned quotes with Thursday’s screen drop and factored in a mild shoulder-season temperature regime.

Points were solidly in the red across the board, and most locations posted losses deep into double-digits. Gulf Coast, California, Mid-Atlantic and New England points were down hard, and the overall market decline was seen at 29 cents. Futures continued slip-sliding away and October settled 7.3 cents lower at $3.837, and November was off 7.2 cents at $3.903. October crude oil fell 66 cents to $92.41/bbl.

Weekend and Monday gas in Southern California fell sharply as temperatures continued sliding from Los Angeles’ record temperature of 103 degrees seen on Tuesday and were expected to just reach seasonal norms. forecast that the high Friday in Los Angeles of 82 was expected to ease to 81 Saturday before climbing back to 86 Monday. The normal high in Los Angeles mid-September is 83. To the north, Santa Barbara’s Friday maximum of 75 was anticipated to hold Saturday before reaching 78 on Monday. The seasonal high in Santa Barbara is 74. San Diego’s 79 high Friday was seen easing to 78 Saturday before rebounding to 79 Monday. The normal high in San Diego is 76.

“After a period of very warm and record-tying temperatures, highs are expected to become fairly typical by week’s end in Los Angeles,” said meteorologists. “It’s going to get gradually better as we get through the rest of the week,” said’s Ken Clark.

“After beginning the week in the upper-90s, highs will drop to the low 80s by Friday. Normal high temperatures for this time of year in the Los Angeles region are in the low 80s. The same system that’s pushing Tropical Rainstorm Odile’s moisture towards Arizona and Texas will help bring the cooler weather to Southern California. However, the moisture from Odile will stay primarily to the south and east.”

Weekend and Monday gas at Malin fell 10 cents to $3.88, and packages at the PG&E Citygates shed 17 cents to $4.39. Gas at the SoCal Citygates was off 26 cents to $4.20, and parcels at SoCal Border points fell 23 cents to $4.00. Gas on El Paso S Mainline tumbled 29 cents to $4.01.

Not to be outdone, eastern points put up losses of their own. Gas for weekend and Monday delivery to New York City on Transco Zone 6 shed 41 cents to $1.70, and parcels on Tetco M-3 skidded 34 cents to $1.73.

On Millennium, three-day parcels fell 30 cents to $1.78, and deliveries to Iroquois Waddington fell 11 cents to $3.11. Gas on Tennessee Zone 6 200 L dropped 35 cents to $3.05.

Gas at the Algonquin Citygates posted an anomalous 48-cent gain to $2.94 as pipeline restrictions kicked in.

Algonquin Gas Transmission (AGT) said, “Due to the previously posted maintenance required on its 24-inch Line between the Cromwell Compressor Station (Cromwell) and Burrillville Compressor Station, AGT has restricted interruptible and approximately 87% of secondary out of path nominations that exceed entitlement sourced from points west of its Cromwell Compressor Station for delivery to points east of Cromwell. No increases in nominations sourced from points west of Cromwell for delivery to points east of Cromwell, except for Primary Firm No-Notice nominations, will be accepted.”

Genscape reported that this will require AGT to isolate the line and limit capacity by 174 MMcf/d, down to 675 MMcf/d, starting on Sept. 20.

Gulf locations also fell more than a dime. Gas at the Henry Hub was seen 10 cents lower at $3.86, and parcels on Transco Zone 3 came in 13 cents lower at $3.85. On Tennessee 500 L, gas changed hands at $3.82, down 12 cents also, and on Columbia Gulf Mainline weekend and Monday gas was quoted at $3.82, down 13 cents.

Analysts interpreted Thursday’s double-digit drop as characteristic of a market environment in which sellers are poised to strike at the drop of a hat. “[Thursday’s] outsized response to a storage miss of only 1 Bcf highlights an extremely heavy trading environment in which large speculative entities appeared poised to re-establish short holdings on even a bullish injection miss of miniscule proportions,” said Jim Ritterbusch of Ritterbusch and Associates in closing comments to clients.

“Regardless, [Thursday’s] 90 Bcf supply build narrowed the surplus against average levels by almost 20 Bcf. Additionally, our fundamental model in which the deficit against five-year averages will be reduced by about 1% per week into November still appears intact as the shortfall against the averages fell to 13% with [Thursday’s] number. Additionally, the market is being forced to look ahead to next week when another injection at least as large as today’s increase could again develop in the process of cutting the shortfall by another sizable chunk.

“At least two more strong storage increases lie ahead and will be available to contain occasional price rallies. But while our expected price decline to the $3.75 level was reinforced by today’s 2.5% selloff, we are tweaking our market view in the direction of a sideways/wide-swinging trade through the rest of this fall, basically a continuation of the chart picture that has been established during the past couple of months. So while we still possess high confidence that nearby futures will achieve our targeted $3.75 area, we will also be looking to reverse into a bullish stance on this implied additional 15 cent price decline.”

Technical analysts see a retest of late-July lows as close to a done deal. “Failure yet again,” said Brian LaRose, an analyst with United ICAP after the market closed. “With natgas turning lower from the $4.028-4.029-4.040-4.051 zone Thursday, it very much looks like a corrective ABC advance off the $3.761 low has ended. Assuming $4.101 to $3.761 was Wave a, $3.761 to $4.040 was Wave b, a Wave c would target $3.700. [We] see only one way to avoid a retest of the $3.724 low, carve out an immediate bottom from the $3.883 vicinity.”