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l'hurrican D ha mancato il bersaglio e zac -10%
DJ US GAS: Futures Tumble As Hurricane Dean Seen Missing Gulf
By Christine Buurma
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Natural gas futures plummeted more than 8% Monday as
weather forecasts showed Hurricane Dean heading straight to Mexico's Yucatan
Peninsula, circumventing critical energy infrastructure in the Gulf of Mexico,
and the market turned its attention back to rising storage levels.
Natural gas for September delivery on the New York Mercantile Exchange was
trading 59.4 cents lower at $6.416 a million British thermal units Monday
morning after opening floor trade down 60 cents at $6.41/MMBtu.
Futures dropped off precipitously Monday as Dean's path became clearer and
the market abandoned earlier speculation that the hurricane would reach the
Gulf.
"The projected path is straight through the Yucatan, so there's no danger to
any energy infrastructure," said Ryan McArdle, a broker with TFS Energy Futures
in Stamford, Conn. "We were up to $7.10 on speculative excess."
Dean was 440 miles east of Belize City Monday morning, moving toward the
coast of Belize and the east coast of the Yucatan Peninsula at about 21 miles
per hour, the National Hurricane Center said. The Category Four hurricane had
maximum sustained winds near 150 mph and could reach Category Five strength
within the next 24 hours, according to the NHC.
As Dean bypasses the Gulf, traders are turning their attention back to the
rising natural gas storage levels and cooler weather that was placing downward
pressure on prices before Dean roiled the market. Current gas in U.S. storage
is at record levels, according to the Energy Information Administration, with
2.903 trillion cubic feet of gas in storage as of Aug. 10. That number is 14.7%
above the five-year average level of gas in storage for the same week.
Still, futures were unlikely to fall below $6.00/MMBtu, with storm activity
and forecasts for hotter weather in the Southeast, Midwest, Northeast and Texas
placing a floor on prices, said Ed Kennedy, managing director for Commercial
Brokerage Corp. in Miami. AccuWeather is predicting temperatures in the mid- to
high-80s in New York and in the mid-80s to low-90s in Chicago later this week.
Meanwhile, scorching temperatures in Atlanta and Houston were expected to
continue, according to AccuWeather, with temperatures in the mid to high 90s
for the remainder of the week in both cities.
Traders were also mindful of continued threats to the Gulf during the height
of hurricane season, which typically peaks around Sept. 1. The National Oceanic
and Atmospheric Administration is predicting an above-normal Atlantic hurricane
season in 2007, with 13-16 named storms, 7-9 hurricanes and 3-5 major
hurricanes.
The market was eyeing a tropical wave in the eastern Caribbean on Monday,
said Commercial Brokerage Corp.'s Kennedy. Disorganized rainshower activity a
few hundred miles Northeast of the northern Leeward Islands could become
stronger over the next 48 hours, although tropical cyclone formation isn't
expected within that period, according to the National Hurricane Center.
Physical gas for next-day delivery at the benchmark Henry Hub was down 67
cents to trade at $6.46/MMBtu Monday, while gas at Transcontinental Zone 6 in
New York was down 51 cents to trade at $6.90/MMBtu.
l'hurrican D ha mancato il bersaglio e zac -10%
DJ US GAS: Futures Tumble As Hurricane Dean Seen Missing Gulf
By Christine Buurma
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Natural gas futures plummeted more than 8% Monday as
weather forecasts showed Hurricane Dean heading straight to Mexico's Yucatan
Peninsula, circumventing critical energy infrastructure in the Gulf of Mexico,
and the market turned its attention back to rising storage levels.
Natural gas for September delivery on the New York Mercantile Exchange was
trading 59.4 cents lower at $6.416 a million British thermal units Monday
morning after opening floor trade down 60 cents at $6.41/MMBtu.
Futures dropped off precipitously Monday as Dean's path became clearer and
the market abandoned earlier speculation that the hurricane would reach the
Gulf.
"The projected path is straight through the Yucatan, so there's no danger to
any energy infrastructure," said Ryan McArdle, a broker with TFS Energy Futures
in Stamford, Conn. "We were up to $7.10 on speculative excess."
Dean was 440 miles east of Belize City Monday morning, moving toward the
coast of Belize and the east coast of the Yucatan Peninsula at about 21 miles
per hour, the National Hurricane Center said. The Category Four hurricane had
maximum sustained winds near 150 mph and could reach Category Five strength
within the next 24 hours, according to the NHC.
As Dean bypasses the Gulf, traders are turning their attention back to the
rising natural gas storage levels and cooler weather that was placing downward
pressure on prices before Dean roiled the market. Current gas in U.S. storage
is at record levels, according to the Energy Information Administration, with
2.903 trillion cubic feet of gas in storage as of Aug. 10. That number is 14.7%
above the five-year average level of gas in storage for the same week.
Still, futures were unlikely to fall below $6.00/MMBtu, with storm activity
and forecasts for hotter weather in the Southeast, Midwest, Northeast and Texas
placing a floor on prices, said Ed Kennedy, managing director for Commercial
Brokerage Corp. in Miami. AccuWeather is predicting temperatures in the mid- to
high-80s in New York and in the mid-80s to low-90s in Chicago later this week.
Meanwhile, scorching temperatures in Atlanta and Houston were expected to
continue, according to AccuWeather, with temperatures in the mid to high 90s
for the remainder of the week in both cities.
Traders were also mindful of continued threats to the Gulf during the height
of hurricane season, which typically peaks around Sept. 1. The National Oceanic
and Atmospheric Administration is predicting an above-normal Atlantic hurricane
season in 2007, with 13-16 named storms, 7-9 hurricanes and 3-5 major
hurricanes.
The market was eyeing a tropical wave in the eastern Caribbean on Monday,
said Commercial Brokerage Corp.'s Kennedy. Disorganized rainshower activity a
few hundred miles Northeast of the northern Leeward Islands could become
stronger over the next 48 hours, although tropical cyclone formation isn't
expected within that period, according to the National Hurricane Center.
Physical gas for next-day delivery at the benchmark Henry Hub was down 67
cents to trade at $6.46/MMBtu Monday, while gas at Transcontinental Zone 6 in
New York was down 51 cents to trade at $6.90/MMBtu.
