Futures managed to continue bounding higher Wednesday, but the physical market saw only modest gains around the country except for spots in the Northeast, which fell mostly between 25-45 cents.
Bounding
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Short-Covering, Weather Prompt Advance; December Up by Double Digits
December natural gas made its debut as the spot futures contract by bounding higher Friday as traders cited the inevitability of weather-generated demand, and follow-the-leader-like buying as prices moved higher on heavy volume. At the close December had gained 15.9 cents to $3.923 and January was up 14.6 cents to $4.042. December crude oil digested a portion of Thursday’s large gains and settled 64 cents lower at $93.32/bbl.
Market Ignores ‘Amazing’ Cash-Futures Split; November Up 26.9 Cents
November natural gas futures vaulted higher Monday as traders observed a continuation of the short covering that sent futures bounding higher by 25.2 cents on Friday. The prompt-month contract rose 26.9 cents Monday to close at $4.987 and December advanced 20.1 cents to $5.723. November crude oil rose 46 cents to $70.41/bbl.