Spoke in the last Weekly that last week was going to be a struggle between the trend of well bid expiration’s and the weakness associated with the Labor Day holiday (one of the historically weakest periods for natural gas). While the expiration went off rather benignly, prices collapsed on Friday before the extended weekend.
As mentioned in the last few Wekly’s, the period bracketing Labor Day is one of, if not the most consistently price negative all year. Typically, prompt gas trades to a late August high and then declines to a post – holiday/mid – September low.
