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May Futures Set New Record, Then Record Loss
The May Nymex contract lost 2.1 cents to $2.501 Wednesday amidone of the most active non-expiration days in exchange history. Anestimated 93,649 contracts changed hands, many of which were tradedafter May fell back from its new all-time high trade of $2.56. “Mayhad pretty good resistance at $2.58, but I think funds were anxiousto take profits,” an analyst told GPI.
May fell below $2.48 during Access session, despite the fact thelatest AGA storage report came in at 20 Bcf worth of withdrawals.”That’s actually a fairly hefty number, considering all the storagebuying done during the last week, and considering the withdrawalnumber was only 1 Bcf at this time last year,” the analystcontinued.
One trader noted Henry Hub cash market trading tailed off fromthe $2.48-49 mark in late trading, and he expects cash prices to belower this morning. As such, he expects continued selling of theMay contract, but he feels the upmove posted during the lastseveral days is too strong a move to warrant a move back belowfailed major resistance of $2.46. If that does happen, however, heplaces immediate support at $2.43.
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