DJ UPDATE: US GAS: Futures End Over 4% Higher On Storm Jitters
futuresource.quote.com
(Table of Settlement and Cash prices at link)
"There's a lot of short covering on the part of funds," said Jim Ritterbusch,
a private energy analyst in Galena, Ill. "There's concern about Ingrid...but
it's so far out that come Monday, we still won't have much more definition."
"The lack of a credible threat here has us labeling the bounce today as
technical, an ongoing flow of fund short covering that is not supported by the
immediate fundamentals," said Tim Evans, an analyst with Citigroup in New York,
in a research note Friday.
BLOOMBERG: Nymex Natural Gas Advances as Tropical Storm Forms in Atlantic
bloomberg.com
Natural gas in New York rose as Tropical Storm Ingrid developed in the Atlantic, spurring traders to make purchases against sudden price increases should platforms and pipelines be threatened in the Gulf of Mexico.
Ingrid is about 755 miles east of the Lesser Antilles and could weaken over the next two days, the National Hurricane Center in Miami said in a 10 a.m. bulletin. Conditions are not now favorable for significant development, the forecaster said.
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REUTERS: U.S. spot natural gas prices
fell at nearly every price point Friday, most for the first time
this week, as fairly mild weather in much of the nation and
expected lighter industrial demand from shuttered schools and
businesses weighed on sentiment, traders said.
investorvillage.com
Physical Natural Gas Prices down almost everywhere with prices at some Western hubs almost comically low.
intelligencepress.com
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Tropical Weather
It's hard to believe that traders would bid prices up over Ingrid which is struggling to maintain her Tropical Storm status and is likely to be downgraded to a Depression as she slowly wobbles towards Bermuda, not the GOM.
nhc.noaa.gov |
