Traders Mull Milder Weather, Storage Refill; Cash and Futures Drop

摘要

Physical gas for Friday delivery plunged at all market points in Thursday’s trading with losses ranging from about a quarter to multiple dollars. Particularly hard hit were New England locations and eastern points, which saw multi-dollar drops as a warming trend was forecast that would raise high temperatures by 25 degrees by Friday. The Energy Information Administration (EIA) reported a withdrawal from storage of 195 Bcf, about what the market was looking for, but traders turned their attention to upcoming milder weather as well as a healthy refill season, and prices dropped. At the close April was down 10.7 cents to $4.383 and May had retreated 8.6 cents to $4.355. April crude oil rose 21 cents to $98.20/bbl.