Archive for the ‘Natural Gas Futures’ Category

Bearish Demand Keeps Natural Gas Near Multi-Year Lows

Natural gas futures has made an about-face in the past two days back down near the $2.65 support level as the bearish demand outlook still appears bleak. Natural gas futures are down .065 cents (per btu – “British thermal unit”) today currently trading at $2.663 at the New York Mercantile Exchange.

Weather has been playing the biggest part of price discovery it seems, but shifting weather forecasts have kept natural gas futures from breaking out of their tight range most of this year. Natural gas futures six-month high’s are near $3.15 and six-month low’s resting at $2.60 per btu – a .45 cent range.

The trend for natural gas futures is down but with a very long and extended “bottom” coming into view. It will take prolonged upside action for an all out trend change to the upside, so for now let’s just enjoy this ultra-low consumer price.

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Storage Report May Provide Direction for Natural Gas Futures

Natural gas futures appear to be sitting still near the high end of their trading range of nearly two months as energy traders patiently await new data on gas inventories to help determine the demand for the fuel. Natural gas futures are up more than .07 cents today currently trading just over $2.91 per BTU at the New York Mercantile Exchange.

The US Energy Information Administration’s storage report is due for release tomorrow with an expected increase of 95B cubic feet for the week ending July 3rd (an increase of 91B happened the week before). The total domestic storage at this time is reportedly 32.8% higher than this same week last year and 1.7% above the five-year average for this period in the year.

Natural gas is said to be the US’s top fuel used for everyday home use. With natural gas prices this low, its a real plus for the domestic consumer.

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Natural Gas Futures at a Crossroad in Early Uptrend

Natural gas futures is attempting a rebound from its two-week lows with traders now looking for fresh data on weekly gas inventories to have a better outlook on its demand. July natural gas futures are currently “unchanged” from yesterday’s close (near $2.85 per BTU) after a .05 cent rally earlier in the trading session at New York’s Mercantile Exchange.

Natural gas futures put in a monthly low near $2.79 and followed with a May high near $3.15 per BTU at the beginning of last week. The current uptrend in this market may be a little premature based on the weak demand and favorable weather in the near future.

Natural gas futures began an early uptrend in the second week of May, but taking out yesterday’s low of $2.818 can change the directional outlook (in my work). I think US consumers are still very much benefiting with low natural gas prices.

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Natural Gas Futures Settling Before Inventory Report

Natural gas futures appear to be experiencing short-covering just before tomorrow’s weekly storage data release. Natural gas futures are up 32 points today, but .13c above last week’s contract low near $2.52 per British thermal unit at New York’s Mercantile Exchange.

Tomorrow’s storage report by the US Energy Information Administration is anticipated to show an additional 80B cubic feet of inventory for the week ending April 17th – which would be the most on record for the week. Natural gas supplies also rose by 45B cubic feet the week earlier in-line with the five-year average of an increase of 46B cubic feet for this time of year.

Natural gas futures trend is down with no bottom yet in sight. These low natural gas prices are a real plus for the consumer.

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Forecasts for Bitter Cold Halt Natural Gas Futures Near Lows

Natural gas futures seem to be defining a support-base in this most recent down-trend due to forecasts bitter cold weather returning after the mild weather many have been enjoying this week. Natural gas futures are fluctuating around the $2.90 per btu’s today in New York’s Mercantile Exchange.

Later this month and into February, two-thirds of the eastern portion of the USA is predicted to have “below normal” temperatures while the low in Chicago is expected to be 5 degrees lower than normal sometime during that period. The low’s in New York are predicted to be as much as 11 degrees lower than normal. This has the potential to halt falling natural gas prices which crashed last month.

The trend for natural gas futures is down with clear basing action in progress. Not only does natural gas futures need to hold last week’s low, but a breakout above last week’s high of $3.30 will be in order.

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Natural Gas Futures at Two-Year Low on Mild Weather

Natural Gas futures have fallen to lows not seen in two-years with mild weather and record production set to expand an already stockpile surplus. Natural Gas futures settled yesterday near $3.16 at the New York Mercantile Exchange yesterday.

At this time, natural gas futures happens to be the worst performing market that makes up the 22 commodity futures markets in the Bloomberg Commodity Index as this futures market has dropped 9% only yesterday. Government data shows natural gas stockpiles 47B more than this time last year and actually “higher” than levels this time last year (not seen since January 2012).

After yesterday’s breakout lower, natural gas futures trend is down with no bottom yet in sight. Natural gas futures is a market I do not trade, but it is nice to know as consumers we should not be hit in the wallet like previous years – we’re pocketing even more of our earnings with another down-trending market.

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Natural Gas Futures Soar to Four-Week High on Temperature Outlook

Natural Gas futures have done a complete “about-face” from last week’s contract low ($3.625 per 1,000ft3 of Btu’s) to prices not seen since the first trading day of last month. Natural gas futures are responding to meteorologists predictions that “below-normal” temperatures this winter season incite demand for the efficient heating fuel (starting this month!).

To make this situation more interesting, natural gas stockpiles are reportedly 7.8% less than near this same time last year, which is the biggest deficit for this time of year since 2005. Temperatures in the eastern-part of the US are expected to be colder than normal starting next week on the 9th and continue through November 18th.

The trend for natural gas futures is now up as of today (in my view). On the opening bell yesterday, natural gas futures gap-open higher and hasn’t looked back. I would await a pull-back in natural gas futures before jumping on-board this train.

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Near-Record Stockpile Decline Outlook Lifts Natural Gas Futures

Natural gas futures continued their ascent to new highs today on the outlook the next gov’t report will reveal a near-record inventory drop after current weather boosted heating needs.  Natural gas futures are up 0.19c as of this writing.

The Energy Information Administration report due out today is anticipated to show natural gas stockpiles decreasing by 263B cubic feet – based on numerous analysts estimates.  Natural gas has been up 2.2% before the report being released.

Kevin Craney, Director of Managed Futures at RJO Futures in Chicago, had this to say regarding the current natural gas futures situation,Continued cold weather this winter will support (natural gas futures) prices through the winter.” 

The trend for natural gas futures is up as of late last month in my study.  With new highs being made today, there is no top in sight…

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Atlantic Storm Boosts Natural Gas Futures

Natural gas futures climbed to mid-July price levels in New York trading on supply disruption concerns and continued hot-weather may keep demand persistent for domestic power plants.  October Natural Gas has been trading within yesterday’s abbreviated session all day so far.

A Maryland weather service has predicted above normal temperatures throughout the central part of the country through mid-September, and gas has gained nearly 2.8% since this announcement.  Natural gas trading volume has reportedly increased 10% above average for trading this time of day, and is up just over 9% for the year.
           
Mason Ching, Automated Trading Manager, Global Futures Exchange & Trading Company in Encino, CA, had this to say regarding the current natural gas futures situation, “(October Natural Gas Futures climbing to five-week high)… is based on concern that storms would disrupt supplies amid hot weather that may stoke demand for the power-plant fuel.”  Ching adds,Once cooler temperatures of autumn set in the market may have to contend to this.”

The trend for natural gas futures has just rolled over to “up” last week.  This is a domestic market I am considering adding to a financial service…

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