Choppy trading continued in the natural gas pit yesterday astraders deposited prices lower, after failing to break throughoverhead resistance on the open. However, after watching pricesrumble mostly sideways for the better part of the afternoon, bullswere once again on the offensive Tuesday evening in reaction toreports that a storm was forming in the western Caribbean Sea.
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Futures: Late Softening Trims Early Advances
Although it was nowhere near as dramatic as the price move thatdeposited prices near all-time winter lows, last week’s futuresgains-slowly and steadily-were gaining the attention and acceptancefrom both technical and fundamental traders. And despite a largestorage surplus and continued uncertainty about winter weather, ifprices are able to trend higher into the New Year, the market willlook back at last week’s rebound as the end of the downtrend. Theprompt January contract chopped higher Friday, making daily highsby noon before softening into the closing to finish up a penny at$2.074.
December 21, 1998