LONDON (Commodity Online): The US gas market pulled a little higher after the market opened today, but then gave it all back and then some. The front of the curve, as a result, recorded its fourth straight downward session today, sliding five cents lower, to $3.62/MMBtu.
Calendar 2012 also lost four cents, ending at $4.21. It was just over two months ago that prompt month prices were higher than the current calendar 2012 price level, reflecting the bearishness in the market. October, we note, is usually not a month for a bullish turn in prices.
Cool coasts and a warm mid-section of the country are in the forecast for this week, followed by gradual warming in the Northeast. Yet the same above-normal degrees that spur the gas market in August do not result in much energy demand in October.
The tropical storm outlook is mostly quiet as well, with Philippe expected to turn northward and remain well out at sea.
Registering the day's downward theme, almost all cash market points pulled back today. Henry Hub dropped 12 cents, to $3.57. SoCalBorder shed 13 cents, to $3.63, and New York (Transco-Z6) lost five cents, to $3.77.
