Natural gas futures remained an uncharacteristic beacon of stability and suffered only a modest setback as other markets cascaded lower in volatile trading. At the close September natural gas had retreated 0.6 cent to $3.935 and October gave up just 0.5 cent to $3.957. November through June 2012 posted modest gains. By contrast the Dow Jones Industrial Average fell 635 points to 10,810 and September crude oil tumbled $5.57 to $81.31/bbl. Gold rose $70 to $1,722/oz, a record, and the yield on 10-year treasuries zoomed 20 basis points to 2.37%, the highest one-day move since May 2009.
Cascaded
Articles from Cascaded
Futures Drop 22 Cents in Delayed Reaction to Bearish Storage Data
In concert with tumbling crude oil prices, natural gas futures cascaded lower in two distinct selling waves Monday as light profit taking enabled the market to fill a key gap left on the daily chart from mid-December. The February contract finished at $4.80, down 22.2 cents for the session. With just 32,305 changing hands, estimated volume was light, especially considering the size of the price move. Natural gas futures will cease trading at 1 p.m. EST Tuesday and re-open with Access trading at 7 p.m. Wednesday.
December 31, 2002
Lili Wobbles and Futures Fall Down
After spiking to a new 15-month high shortly after the opening bell, natural gas futures cascaded lower throughout the session Tuesday as traders took profits on forecasts showing Hurricane Lili may not be as “well-organized” a storm as once thought. Plumbing down to the psychologically important $4.00 level near the close, the November contract was hit hardest by the selling. It finished at $4.067, down 7.1 cents for the session.
October 2, 2002
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