Armed with bearish technical data and fundamental news, traders at the New York Mercantile Exchange wasted little time yesterday as they pressured natural gas futures back below the psychologically important $3.00 mark. Selling was seen from the outset Monday, as traders initiated the daily session with a whopping 14-cent, gap-lower open on the daily chart. The December contract never recovered, sifting lower through the morning only to move sideways during the afternoon. The prompt month closed at $2.922, down 32.6 cents for the day.
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Storage and Weather Conspire to Send Futures Higher
Fueled by the fundamental one-two of bullish storage and weathernews, the natural gas futures market rose Thursday as tradersunloaded shorts and added to longs. After dropping a dime lowerWednesday, the January contract opened higher at $2.53 Thursday andnever looked back as prices climbed into the mid-$2.60s. The promptmonth finished near its daily highs, up 15 cents to $2.636.
December 17, 1999
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