Buoyed by the first truly bullish weather report of the season, natural gas futures ambled higher Friday as speculative traders covered their shorts ahead of the weekend. Closing at $3.922, the July contract was 13.2 cents higher on the day, but 8.7 cents lower on the week. Estimated volume was light with only 55,639 contracts changing hands.
Ambled
Articles from Ambled
Short-Covering, Storage Add Spice to Expiration-Day
Fueled by a steady stream of short-covering, natural gas futuresambled higher for much of the session yesterday before erupting inthe last 30 minutes amid a frenzy of market-on-close buy orders.That enabled the November contract to push through recent highsabove $3.10 and settle up 8.1 cents at $3.092. Strength was equallyimpressive in the new prompt contract, December, which finished up7.5 cents at $3.223. Estimated volume across all contracts washeavy, with 112,119 positions changing hands.
October 28, 1999
Storage Hype Lifts Futures to Retest $2.60
Fueled by follow-through buying on the heels of Monday advances,the futures market ambled higher yesterday as traders weighed theimpact of bullish news expected to be released this afternoon. TheSeptember contract finished up to 2.3 cents at $2.598. Impressiveadvances were also seen in the out months with the October,November and December contracts notching similar gains.
August 4, 1999
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