The June Nymex contract made it 2 for 2 for up days this week,as the spot month gained another 4.1 cents to settle Tuesday at$2.256. Sources said the market followed cash prices higher butalso warmed further gains may be limited. “This is the fifth timeJune has failed to rise above $2.27. Moreover, the daily lows havebeen rising also, so sooner or later something’s going to have togive,” an analyst told GPI.
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Futures Traders Continue To Be In a Bearish Mood
The April Nymex contract made it five consecutive down days onFriday by virtue of its 1.2 cent loss to $2.129. Several tradersagreed Friday’s price action was a continuation of the 8.7 centdecline turned in on Thursday, coupled with some liquidation aheadof the weekend.
March 9, 1998
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