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.
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Short-Covering Lifts Futures Off Lows
After gapping lower at the open, natural gas futures turned higher Monday as non-commercial accounts covered shorts initiated in last week’s three-day, 64-cent price erosion. At the closing bell the May contract was 7.8 cents stronger for the session at $5.103.
April 3, 2001
Technical Blip, Weather Forecast Trigger Spike
The third time was a charm yesterday for bulls in the gas pit atNymex as locals and technical traders covered shorts en masse afterdiscovering a technical blip on their charts. After thrice testingand failing to develop beneath the $5.74 level Wednesday eveningand yesterday morning, the market rocketed Thursday afternoon, ledby a March contract that rumbled 67.3 cents higher to close at$6.38.
February 2, 2001
Short Covering, Weather Widens Futures Premium to Cash
Traders made it two in a row yesterday at the New YorkMercantile Exchange as they covered shorts and bid up natural gasprices for the second straight session ahead of cooler weatherexpected next week.
December 3, 1999
Bulls Enthusiasm Muted by Friday’s Retracement
The futures market gave back a portion of recent gains on Fridayas traders covered fresh long positions ahead of the weekend. TheOctober contract was dealt the largest losses, slipping 8 cents tosettle at $1.878. November, which has been tracking nearly pennyfor penny with October was somewhat immune to the decline, losingonly 4.6 cents to $2.161.
September 14, 1998
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